MANILA (Reuters) – The Philippines should “drastically” cut the number of sectors and activities closed or limited to foreign investors to get more of the investment flows into Asia, the economic planning secretary said on Thursday.
Ernesto Pernia said that when he was given an initial draft of an updated “foreign negative list”, he sent it back for amendment because it was “puny”.
Liberalization - Pernia - Reporters - Sidelines - Business
“I want a more aggressive liberalization,” Pernia told reporters on the sidelines of a business forum organized by foreign business chambers.
The Philippines is one of Asia’s fastest growing economies but it lags regional peers in terms of attracting foreign direct investment because of foreign ownership restrictions, high power costs and poor infrastructure.
Pernia - Sectors - Activities - Opening - Opening
Pernia said that among the sectors and activities targeted for opening or further opening were the practice of all professions, retail trade enterprises, ownership and management of public utilities and contracts for construction.
Since coming to power in June 2016, President Rodrigo Duterte has vowed to open up the economy and liberalize sectors such as energy, power and...
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