FOREIGN business groups said various items of legislation to remove foreign investment limits remain on their wish list before the conclusion of the 17th Congress.
At a briefing after the Arangkada forum Tuesday in Makati City, the Joint Foreign Chambers of the Philippines said it continues to bat for rule changes covering foreign ownership limits to better align the legislature’s output with the government’s intended program.
“We still think, even if there are less than seven weeks in the seventh congress, several of those measures can be changed. They would be in line with Duterte’s social economic agenda. Otherwise, the situation remains the same,” American Chamber of Commerce of the Philippines, Inc. Senior Adviser John D. Forbes said during the conference.
Mr. Forbes was referring to amendments pending in Congress singled out by the JFC in a recent joint statement, while describing changes to the Foreign Investment Negative List as minimal.
The pending amendments cover the Open Access in Data Transmission Act, the Public Service Act, the Foreign Investment Act, and the Retail Trade Act.
Mr. Forbes added that he is “really worried” about stagnation in the progress of some legislation.
“They passed [the PSA bill] over a year ago in the House. [Senator Grace Poe] gave a sponsorship speech in March. It hasn’t made progress. [Senator Paolo Benigno A. Aquino IV], on open access [in data transmission]… also passed a year, seems not to be moving in the Senate,” he added.
The Japanese Chamber of Commerce and Industry of the Philippines, Inc. President Naoto Tago said the FINL “was almost the same as the last one” and that while government wants to allow more foreign participation, the “major changes will need legislation.”
The 11th FINL was issued through Executive Order 65, signed by President Rodrigo R. Duterte last month.
Under the list, full foreign participation was allowed in Internet businesses; teaching at higher education levels provided the subject is not covered by board or bar examinations; training centers engaged in short-term high-level skills development not part of the formal education system; adjustment companies, lending companies, financing companies and investment houses; and wellness centers.
Forty percent foreign participation was allowed in contracts for construction and repair of locally-funded public works and private radio communications networks, which used to have limits of 25% and 20% in foreign participation respectively. — Janina C. Lim

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