By Ryan Ponce Pacpaco – People’s Insight
A lawmaker yesterday backed President Rodrigo “Rody” Duterte’s plan to create a new department that will deal with investors.
At the same time, Camarines Sur Rep. LRay Villafuerte called on the Department of Trade and Industry (DTI) anew to put on the fast track the implementing rules and regulations (IRR) of the new Ease of Doing Business (EODB) Law.
Villafuerte said the creation of new department would send a “loud and clear message” to the investor community that “President Duterte is one hundred-percent committed to improving the ease of doing business in the Philippines in step with his goal of sustaining the inclusive growth momentum by boosting foreign direct investment (FDI) inflows and creating more jobs for Filipinos.”
President Duterte bared plans for a new department to deal with investors’ concerns during his week-line state visit to Israel and Hashimite Kingdom of Jordan. Villafuerte was a member of the President’s official delegation in his latest overseas trip.
“Investors are bullish on the country’s economic prospects, as shown by the steady climb in both committed and actual FDI inflows. We can be assured of this continuous rise in FDIs once we fully implement soon enought the EODB Law,” said Villafuerte, one of the lead authors of the EODB bill in the House of Representatives.
According to the Bangko Sentral ng Pilipinas (BSP), the Philippines’ FDI grew by 24.4% to $10.050 billion in March 2017. From January to May 2018, FDIs rose steadily with inflows increasing 48.9% to $4.846 billion.
Villafuerte said creating a new department that will be in-charge of investors’ concerns – as planned by President Duterte – would give a tremendous boost to the EODB Law and sharpen the Philippines’ competitiveness as an investment destination in the region.