Skyline and buildings in Quezon City on January 11, 2023. Mark Demayo, ABS-CBN News

QC Buildings

SHERRIE ANN TORRES

ABS-CBN News

MANILA - Foreign businessmen&rsquo;s groups are backing amendments to the economic provisions of the 1987 Constitution saying these are hampering investments in the Philippines.&nbsp;Representatives of the European Chamber of Commerce in the Philippines (ECCP) and the Canadian Chamber of Commerce in the Philippines (CCP) said removing the Constitutional restrictions on foreign investments can attract more capital into the country.&nbsp;During Monday&rsquo;s discussion of the Resolution of Both Houses (RBH) Number 6 before the Senate Committee on Constitutional Amendments and Revision of Codes, the ECCP said foreign investors shy away from the Philippines. &nbsp; ECCP President Paulo Duarte said the Philippines&rsquo; share of total investments in Southeast Asia was only 4 percent.&nbsp;&ldquo;And we need to work together to increase these numbers and everyone needs to contribute&ndash;European Chamber from one side to attract, but also the country to accept and welcome foreign investment,&rdquo; Duarte told senators. &nbsp; &ldquo;We are of the opinion that the removal of economic restrictions would facilitate an increase in foreign direct investments in sectors where such investment is currently restricted,&rdquo; said CCCP President Julian Payne. &nbsp; RED TAPE, POWER AND STABILITYBut aside from the legal restrictions, foreign businesses are also deterred from investing in the Philippines because of red tape and the high cost of power, business leaders said.&nbsp;BDO Capital President Eduardo Francisco said potential investors in renewable energy have complained of several issues.&nbsp;&ldquo;The complaint naman is not the ownership. Their complaint is about the bureaucracy, corruption and red tape,&rdquo; told the panel. &nbsp; Francisco said it takes 167 signatures for a project to get approved, which could take 5 years.&nbsp;Former Supreme Court Associate Justice Antonio Carpio said bureaucratic regulation remains a problem.&nbsp;&ldquo;To put up a factory, you have to, in the Philippines, you have to get a permit from the barangay, from the mayor, from the department in charge of the business you are in and the specialized agency that may also regulate you. In Vietnam and China, you go only to one office and you get all your permits,&rdquo;&nbsp;Carpio said the country&rsquo;s high power costs also make it unattractive to foreign investors.&ldquo;We have the highest power rate in ASEAN and the second highest power rate in Asia, next only to Japan,&rdquo; Carpio said. &nbsp; Political instability was another issue for foreign businessmen, said ECCP Executive Director Florian Gottein.Following moves to amend the constitution via people&rsquo;s initiative, Gottein said some of their members expressed concern.&ldquo;We got some calls from some of our members following the news and the political debate about how this might unfold or in which direction it could actually move further. So there is some uncertainty out there, yes,&rdquo; Gottein said.&nbsp;House leaders on Monday said they will follow President Ferdinand Marcos Jr.&#39;s call to amend only the economic provisions of the Constitution.&nbsp;<ul><li><a data-cke-saved-href="https://news.abs-cbn.com/business/2024/2/12/house-to-limit-cha-cha-to-econ-after-marcos-statement-1901" href="https://news.abs-cbn.com/business/2024/2/12/house-to-limit-cha-cha-to-econ-after-marcos-statement-1901">House to limit cha-cha to econ after Marcos statement</a></li></ul>

But aside from the legal restrictions, foreign businesses are also deterred from investing in the Philippines because of red tape and the high cost of power, business leaders said.&nbsp;BDO Capital President Eduardo Francisco said potential investors in renewable energy have complained of several issues.&nbsp;&ldquo;The complaint naman is not the ownership. Their complaint is about the bureaucracy, corruption and red tape,&rdquo; told the panel. &nbsp; Francisco said it takes 167 signatures for a project to get approved, which could take 5 years.&nbsp;Former Supreme Court Associate Justice Antonio Carpio said bureaucratic regulation remains a problem.&nbsp;&ldquo;To put up a factory, you have to, in the Philippines, you have to get a permit from the barangay, from the mayor, from the department in charge of the business you are in and the specialized agency that may also regulate you. In Vietnam and China, you go only to one office and you get all your permits,&rdquo;&nbsp;Carpio said the country&rsquo;s high power costs also make it unattractive to foreign investors.&ldquo;We have the highest power rate in ASEAN and the second highest power rate in Asia, next only to Japan,&rdquo; Carpio said. &nbsp; Political instability was another issue for foreign businessmen, said ECCP Executive Director Florian Gottein.Following moves to amend the constitution via people&rsquo;s initiative, Gottein said some of their members expressed concern.&ldquo;We got some calls from some of our members following the news and the political debate about how this might unfold or in which direction it could actually move further. So there is some uncertainty out there, yes,&rdquo; Gottein said.&nbsp;House leaders on Monday said they will follow President Ferdinand Marcos Jr.&#39;s call to amend only the economic provisions of the Constitution.&nbsp;<ul><li><a data-cke-saved-href="https://news.abs-cbn.com/business/2024/2/12/house-to-limit-cha-cha-to-econ-after-marcos-statement-1901" href="https://news.abs-cbn.com/business/2024/2/12/house-to-limit-cha-cha-to-econ-after-marcos-statement-1901">House to limit cha-cha to econ after Marcos statement</a></li></ul>

During Monday&rsquo;s discussion of the Resolution of Both Houses (RBH) Number 6 before the Senate Committee on Constitutional Amendments and Revision of Codes, the ECCP said foreign investors shy away from the Philippines. &nbsp; ECCP President Paulo Duarte said the Philippines&rsquo; share of total investments in Southeast Asia was only 4 percent.&nbsp;&ldquo;And we need to work together to increase these numbers and everyone needs to contribute&ndash;European Chamber from one side to attract, but also the country to accept and welcome foreign investment,&rdquo; Duarte told senators. &nbsp; &ldquo;We are of the opinion that the removal of economic restrictions would facilitate an increase in foreign direct investments in sectors where such investment is currently restricted,&rdquo; said CCCP President Julian Payne. &nbsp; RED TAPE, POWER AND STABILITY

MANILA - Foreign businessmen&rsquo;s groups are backing amendments to the economic provisions of the 1987 Constitution saying these are hampering investments in the Philippines.&nbsp;Representatives of the European Chamber of Commerce in the Philippines (ECCP) and the Canadian Chamber of Commerce in the Philippines (CCP) said removing the Constitutional restrictions on foreign investments can attract more capital into the country.&nbsp;

Foreign businessmen’s groups are backing amendments to the economic provisions of the 1987 Constitution saying these are hampering investments in the Philippines.

Foreign businessmen’s groups are backing amendments to the economic provisions of the 1987 Constitution saying these are hampering investments in the Philippines.

Foreign biz groups back economic cha-cha | ABS-CBN News

Business

Business

Foreign biz groups back economic cha-cha

Foreign biz groups back economic cha-cha