Gov’t vows to fix issues on trade, investments

Philippine authorities have committed to remedy issues raised by the international community affecting the country’s trade and investment environment.

“The Philippines will continue to improve the business environment, foster transparency and eliminate laws that place a heavy regulatory burden on businesses,” Trade Undersecretary and Board of Investments managing head Ceferino Rodolfo said. Rodolfo said the government is accelerating and deepening policy reforms that were started in past administrations toward greater liberalization, while also enhancing the continuous effective implementation of obligations and enforcement of rules as well as ensuring an environment where it is easy to do

business and free of red tape.

While lauding the policy reforms undertaken by the Philippines in the areas of investment, customs, competition, intellectual property and government procurement, World Trade Organization members last week called for further domestic reforms to enhance the competitiveness of the economy and attract foreign investment.

The US, meanwhile, through its recently released 2018 National Trade Estimate Report of Foreign Trade Barriers, pressed the country to address government-imposed measures and policies that restrict, prevent, or impede the international exchange of goods and services, including corruption. To cut red tape in the country, Rodolfo said Project Repeal was launched in March 2016 and, to date, three repeal days have been conducted where an aggregate of 4,837 policy issuances were reviewed with a view to repealing outdated rules and therefore reducing the time and cost of doing business.

Moreover, he said an enhanced automated national single window called the TradeNet system is being prepared for live operation by the middle of the year.

TradeNet will allow traders to lodge information and documents to fulfill all import, export and transit-related regulatory requirements.

“But what is generating excitement as it will no doubt prove to be a game-changer, both Houses of Congress have passed the Expanded Anti-Red Tape Act and this is now with the Office of the President for consideration and signing. This bill covers all agencies – local and national – issuing permits and licenses, and mandates specific shortened processing periods for categories of permits and license,” Rodolfo said.

Rodolfo is assuring the international community the Philippines will keep its economy open and resist protectionist and inward looking policies.

“The Philippines is already an open economy, with foreign investments allowed in a broad range of activities. Sectors with restrictions by way of administrative regulations, or legislations, or thru the Constitution are transparently listed in a Foreign Investment Negative List,” he said.

“There are two key priority investment areas or activities where equity restriction is being reviewed relevant to the success of the government’s Build Build Build program, namely the review on contracts for the construction and repair of locally-funded public works and on public services, except activities and systems that are recognized as public utilities. By giving priority to these two areas, we look forward to creating a more liberal investment environment where our Build Build Build program would be able to Deliver Deliver Deliver at the soonest possible time,” Rodolfo added.