DTI told: Woo big firms moving out from China

Senate Minority Leader Franklin Drilon has urged the Department of Trade and Industry (DTI) to intensify efforts to woo multinational companies planning to move out from China.

Drilon expressed alarm over reports the Philippines is lagging behind in efforts being done by other Southeast Asian countries to lure investors leaving China, including the biggest multinational firms from Japan and the US.

“I do not see enough efforts being done, as compared with our neighboring countries such as Indonesia, Vietnam and Thailand, to win over the biggest companies moving out from China to relocate into the country,” Drilon said in a statement.

“This is an opportunity that we should seize immediately. The competition is tough. We cannot afford a laid-back attitude especially in this most trying time in our history as a nation,” he said.

He said the government must reach out to these companies as their investments will help the economy heavily battered by the pandemic.

Drilon said the government should device “a more aggressive strategy” to woo these companies to relocate to the Philippines.

“What’s sad is that we get the leftovers. They’re some small businesses coming it. I do not think that that is the proper way to look at it,” he said.

The Japanese Chamber of Commerce and Industry of the Philippines Inc. (JCCIPI) earlier said that the Japanese manufacturing companies in China consider first Vietnam, Indonesia and then Thailand due to supply chain, resources and raw material production.

Upon Drilon’s questioning during the Senate Committee of the Whole inquiry into the COVID-19 pandemic, Trade Secretary Ramon Lopez said there are some companies that will move into the country, but admitted that they are not the biggest companies.

These companies reportedly are more inclined to move their

From B1 companies to Indonesia, Vietnam and Thailand.

“The reality is, we need investments more than ever for our economy to recover from this COVID-19 disease and to provide jobs and livelihood opportunities to Filipinos who lost jobs due to the pandemic,” Drilon said.

He noted that the Department of Labor and Employment (DOLE) estimated that around five million Filipinos would lose jobs due to the pandemic.

“Tell us the stumbling blocks we are facing here and if concerns legislation, Congress will fix it,” Drilon said.

Among the legislation that Drilon believes would help lure companies into the country are the amendments to the Public Service Act and the Retail Trade Act.

He said the restrictive requirements of both laws impede foreign investments in the country.

Drilon urged the government to include the twin economic measures he authored to amend the said laws as priority legislation.