American traders urge entry of more foreign investors

American businessmen are asking the government to ease the restrictions on the entry of more foreign equity and professionals.

In separate letters to Senate President Franklin Drilon and House Speaker Jose de Venecia, American Chamber of Commerce of the Philippines (Amcham) president George P. Henefeld expressed the chamber’s desire to see the "relaxation and removal from the Constitution of current restrictions on foreign equity and professionals."

Henefeld said the government could still control the amount of foreign equity and professionals it is willing to allow into the country by passing the necessary law and regulation.

"Such amendments to the (Philippine) Constitution will benefit the Philippines by attracting needed foreign capital and technology transfer," he explained.

Henefeld cited the fact that "as a chamber representing a country with no nationality restrictions on Filipinos practicing professions in the US, we regard current restriction in the Philippines as discriminatory and hope someday greater reciprocity may be achieved."

Furthermore, the Amcham appealed to the two Congressional leaders to hasten the passage of several pending bills before the May 2004 election.

These bills include the Corporate Recovery Act, the National Revenue Authority bill, Investment Incentives Standardization, Judicial Salaries Increase and Sin Tax Indexation.

Henefeld acknowledged Drilon and De Venecia’s leadership in pushing the passage of several other bills that include the amendments to the Anti-Money Laundering Act, the Auto Excise Tax, removal of the Documentary Stamp Tax and a few others.