Perks for foreign investors backed

Trade and Industry Secretary Manuel Roxas II said yesterday that government should continue to give incentives to foreign investors to attract more foreign funds.

"Granting incentives to foreign investors is still necessary to attract foreign direct investors," Roxas said.

The DTI chief said the Philippines has a lot of deficiencies in terms of providing the necessary infrastructure and structural reforms needed by investors.

Several foreign investor groups have urged the new government to pass the pending bills on the power sector, banking reforms, tariffs and infrastructure.

A recent US mission had emphasized the need for the government to ensure adequate power supply, passage of the omnibus investment bill, enhance agricultural productivity and rural development and build a telecommunication infrastructure.

Investors have also complained about the long wait to secure necessary government permits.

"The incentive factor is important to fix or alleviate the deficiencies. We need to offer more to foreign investors," Roxas said.