Increasing Foreign Direct Investment

At this point, aside from national industrialization I did mention earlier in this blog, I think that the key to greater economic development of the country, the Philippines for today is the need to increase foreign investment in several areas like telecommunications, transportation, tourism, hotel and restaurant, energy, etc. Because with that, many foreign investors will go here in the country to establish and own businesses, especially in the areas of concern I've mentioned.

The Duterte Administration, interestingly wants to increase the foreign investment here in the country in the said areas, especially on telecommunications to level the playing field and in speeding up and wants the both Houses of Congress to pass a law for that purpose. While I am inclined to support it since it has noble intentions for the country, the problem is that, the Constitution, the highest law of the land, mostly its economic provisions proscribed or in better term, prohibit such investments due to the fact that the said provisions only authorized Filipinos to own businesses in those areas of concern.

And another problem that might arise is that the Filipino economic elite that controls vastly the businesses in the said areas of concern will oppose it since they will gradually loose control of them since such control also increases their powers to influence the country's politics. The other opposing group, the Communists who detests foreign investors and who only wants Filipinos to own the businesses in the said areas of concern.

So, the only conducive way to address these problems is to amend or revise the Constitution itself and moreso, the economic provisions to make the influx of foreign investors to invest and own the businesses in the said areas of concern flexible. It should be self-executing so that it could be implemented immediately, and not to authorize the both Houses of Congress, because some legislators represents the interests of both the Filipino economic elite and the Communists and might block the passage of any law related to the subject.

If the economic provisions in the Constitution, as amended (if ever), will be self-executing, then  the foreign investment and ownership of the said businesses under the above-mentioned areas of concern will be widened and broadened, many will be given jobs, and the economic development of the country will be enjoyed.

But, to do so, the foreign investors will need to invest and own businesses in the areas of concern on the provinces, not here anymore in Metro Manila due to the fact that it is already full of businesses and to accelerate and propel the growth of economy in the provinces, especially in the poorest ones since there are plans to decongest Metro Manila and to transfer the nation's capital and seat of government from it, to Clark Freeport Zone in Pampanga, which could be the country's potential economic hub.

Our neighbors like Singapore, Vietnam, etc. became successful economies due to foreign investment increase. Can we here in the Philippines do it? Of course, we can! If the Goverment, in critical collaboration and full partnership with the private sector and society-in-general with sheer yet firm political will would cooperate each other and work harder to achieve it.

There is no wrong on the increase of foreign investment. It has been proposed a longtime ago and it must proceed now. It could not wait in the backburner for longer. The time is NOW!

Comments can be submitted to my e-mail:

jamesvelina45@gmail.com

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