Lawmaker says gov’t should promote PHL as alternative finance hub for Hong Kong firms

THE DEPARTMENT of Trade and Industry should promote the Philippines as an alternative hub in the Western Pacific for finance firms that plan to move out of Hong Kong, a member of the House of Representatives said on Tuesday.

“I see this as an opportunity for the Department of Trade and Industry to present the Philippines as the alternative finance hub of the Western Pacific,” BH Party-list Rep. Bernadette R. Herrera-Dy, citing an article from Bloomberg, said in a statement.

“We have BGC Taguig, Clark, Makati, Quezon City, and Metro Cebu as prime alternative finance hubs.”

Ms. Herrera-Dy, one of the principal authors of a recently signed law amending the Public Service Act, which removed the foreign ownership limit on certain key industries such as telecommunications and some transport sectors, said the country’s “investor-friendly” laws make it an attractive hub.

“Our new investor-friendly laws have made the country a much more competitive host of regional headquarters and global hubs,” she said. — Jaspearl Emerald G. Tan