Pacquiao says to use celebrity status to bring in foreign investors

ABS-CBN News

Posted at Nov 18 2021 04:50 PM

Photo from the Twitter page of Sen. Manny Pacquiao
Photo from the Twitter page of Sen. Manny Pacquiao

MANILA— Presidential candidate Sen. Manny Pacquaio on Thursday said he would use his celebrity status to draw foreign investments into the country and provide jobs for the poor.

Pacquiao said he has at least 10 international billionaire friends who have expressed commitment to invest their money in the Philippines.

He said their only condition is for him to get rid of corruption, which has been a big turn-off for foreign investors. Two other things he has to address are the country's unreliable internet and power supply.

"May mga kaibigan ako na mga malalaking negosyante at mga mayayaman sa ibang bansa na naka-ready na tumulong sa Pilipinas. Ayaw lang talaga nila itong napakatinding korapsyon sa ating gobyerno, " said Pacquiao in an interview while going around some parts of Bulacan and Metro Manila. 

"Mahirap din po talagang makakuha ng investors sa bansa kung ang mga katabing bansa ay nasa 20 porsiyento lang ang corporate tax. Kailangan nating pababain ang ating corporate tax at palakasin ang ating non-tax revenues."

(I have wealthy businessmen friends who are ready to help the Philippines. What they don't want is the massive corruption in our government. It's hard to attract foreign investors when our neighboring countries only collect 20 percent corporate tax. We need to lower the taxes and get more from non-tax revenues.) 

He cited that even before the pandemic, many foreign investors have moved elsewhere primarily because of the country's unpleasant business climate.

Aside from having a very unreliable infrastructure for businesses, the government's reliance on taxes and the instability in economic policies are a big turn-off for potential investors, Pacquiao said.

During his rounds Thursday, Pacquiao visited Malabon to pay tribute to the Correa family, which took him in when he was still a struggling boxer, giving him food, work, and shelter.

He also met with old friends, training buddies, and co-workers at the LA Construction Compound in Maysilo, Malabon.

After his mini-reunion at the LA Construction compound, Pacquiao also distributed relief to residents of Brgy. Maysilo.

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