June 25, 2024

The Insider News

Direct from the source

US investors excited about lifting of economic restrictions – DS Suarez

INVESTORS, particularly those from the United States, are excited about the envisioned lifting of foreign ownership and equity restrictions in the Philippine Constitution, Deputy Speaker and Quezon Rep. David Suarez said Monday.

“Looking at what happened last week where a US delegation visited, very positive po iyong outlook ng international business community on the proposed amendments to our Constitution,” he told a news briefing. 

“In fact, they are very much excited about the restrictions that will be removed to allow more foreign direct investments coming in. And this was again echoed by the President in his recent trip to Germany and the Czech Republic where another $4 billion of pledges in investment to our country was also secured,” he said.

This week, he said the country is hosing “an important delegation from the World Economic Forum.”

“So, this sends a clear signal to the world and to the economic industry players that the Philippines is open for more direct investments,” he said.

He added that it is important for leaders of the House of Representatives and the Senate to agree on what to finally do with the economic amendment proposals.

“Kaya napakahalaga po talaga na makapag-usap na kaagad ang Senado at ang Kongreso para in finality ma-decide na po yung susunod na hakbang,” Suarez stressed.

He pointed out that the proposals would eventually move in the Senate.

“I think the Senate will move and will move forward. We’re still very hopeful that they will see why it is important and I think we all realize why it is necessary,” he said. 

He recalled that last week, “none other than the US Secretary of Commerce Gina Raimondo mentioned it twice in her speech that the US delegation was very much excited with the talks of lifting economic restrictions.” 

“And I’m sure this message has reached the Senate, and I’m sure the senators will work and will find a way to get the necessary votes so they can get their version of the RBH 6 approved,” he said.

He said congressmen are ready to help the Senate leadership convince enough senators to vote for the amendment proposals.

“Kami dito sa House, we are willing to work with the Senate just that we can help them get enough votes and if we need to convince them, we need to talk to them, if we need to knock on their doors and ask for their help, I think congressmen are willing to do that…para mai-push na kagad natin ‘yung plebisito sa madaling panahon,” he said.

House Assistant Majority Leader and Zambales Rep. Jefferson Khonghun said senators should see the necessity of approving the proposed economic Charter changes as soon as possible.

“Excited na lahat ng tao, marami na nag-aantay at sana makita nila yung sense of urgency na sana bilisan nila yung pagpasa. Kasi trabaho ng bawat Pilipino ang pinag-uusapan dito. Iyung pagpasok ng mga negosyante para makapagbigay ng trabaho sa ating mga kababayan,” he said.

Last week’s high-level US trade mission to Manila, led by Raimondo, promised investments amounting to USD1 billion.