21 state investment agencies’ abolition sought

A party-list congressman is seeking the abolition of 21 government agencies involved in the promotion of investments and enticing local and foreign investors.

In Bill 7873 filed yesterday, Rep. Harlin Neil Abayon III of Aangat Tayo said over the past decades, several agencies had been created to promote investments.

However, he said many of these offices have overlapping functions.

“Having so many investment promotion agencies has caused confusion in the business community, created more red tape, needlessly enlarged the bureaucracy and resulted in higher administration costs, including compensation and benefits of a multitude of government officials,” he said.

He added that the economic, social and political conditions of the country have also vastly changed and continue to change as influenced by various global and domestic factors, necessitating a streamlining of state agencies.

The offices to be abolished under the Abayon bill are the Board of Investments, Philippine Economic Zone Authority, Public-Private Partnerships Center, Bases Conversion and Development Authority, Clark Development Corp., Subic Bay Metropolitan Authority, John Hay Management Corp., PHIVIDEC Industrial Authority, Philippine Retirement Authority and Poro Point Management Corp.

Also to be collapsed are the Cagayan Economic Zone Authority, Authority of the Freeport Area of Bataan, Aurora Pacific Economic Zone and Freeport Authority, Zamboanga City Special Economic Zone Authority, Southern Philippines Development Authority, First Cavite Industrial Estate Inc., Duty Free Philippines Inc., Batangas Land Co., Pinagkaisa Realty Corp., Kamayan Realty Corp. and GY Real Estate Inc.

Abayon noted that some of these agencies are unheard of, like those involved in real estate development, which he said should be the business of private investors.

In place of these offices, he proposed the creation of the Department of Investments Promotion.

The proposed department would formulate and implement a national investments action plan to attract investors, he said.