Angara bats for IRR for projects to attract investors

MANILA, Philippines - Sen. Edgardo J. Angara said that government must present viable projects and create implementing rules and regulations (IRR) for foreign investments in order to attract investors in 2011.

 “What we need now is a complete investment drive with specific projects that are sustainable and launchable in 2011. Viable prospects for development projects are what foreign investors are looking for,” he said.

Angara, vice-chairman of the Senate committee on finance, explained in a recent interview that the country should aim for small-to medium-scale investments initially while building up its own resources for handling these new businesses.

“We don’t have any big ticket items at the moment because we need to meet certain requirements first — for example, more power sources in certain regions, a comprehensive set of rules — to show the bigger investors that we are capable of absorbing their capital,” stated Angara.

According to Angara, the high regard for the new government is a positive indicator for the overall state of our country.

 “It’s good that we are showing faith in our new administration — it shows unity and stability. But now it’s up to our government to solidify that good initial impression with concrete plans or that goodwill will dissipate,” he said.

A lack of investment promotions and feasibility studies is holding back most of these investors, said Angara, and the “absence of comprehensive rules to govern foreign investments. We must promulgate the IRR (implementing rules and regulations) as soon as possible to show just how serious we are.”

“Next, we should identify which countries are interested. For example, I just went to Korea for an investment forum — the Korean government is probably the most eager in Asia to help out our nation’s economy. Now that they’ve shown interest, it’s up to us to prove that our country is a worthwhile investment and convince them to put up the funding where it’s really needed,” he asserted.