Creation of investment facilitation office pushed

MANILA, Philippines - Senior administration lawmakers pushed yesterday for the creation of an independent office that would facilitate the entry of investments, protect investors, and resolve possible disputes arising from the entry of foreign capital.

Cagayan de Oro Rep. Rufus Rodriguez, president of the Centrist Democratic Party, and Abante Mindanao party-list Rep. Maximo Rodriguez filed House Bill 4838, which seeks to create an independent Office for Investor Facilitation and Protection (OIFP) attached to the Office of the President.

“Foreign direct investments drive economic productivity: create jobs, raise income levels, transfer production technology, innovative capacity as well as creating access to international marketing networks,” the Cagayan de Oro lawmaker said.

He said it is necessary to, among others, “streamline the long, tedious and difficult process in applying to do business in the country” to boost foreign direct investments (FDI).

“FDI is internationally recognized as imperative to both developed and developing economies and benefits from (FDI) can be seen across the spectrum of activities not only with respect to investible resources but in its corresponding capital formation,” the authors said.

They cited a 2013 World Bank study that revealed the Philippines ranked 138th among 185 economies as regards the ease of doing business.  The top five criteria where the country ranked low were in starting a business; registration of property; paying taxes; getting credit; and protecting investors.