CanCham: Biz-friendly regulations, enforcement key to attract investors

CEBU, Philippines - In response to the intent of Governor Hilario “Junjun” Davide III to enact an investment code, the Canadian Chamber of Commerce of the Philippines – Cebu Chapter recommended the provincial government to come up with stable business-friendly regulations and ensure strict law enforcement to be more effective in enticing investors to come to Cebu.

Davide, along with Vice Governor Agnes Magpale, graced the celebration of the 146th Canada Day in Cebu last Wednesday at the Cebu City Marriott Hotel.

Davide mentioned in his message during the gathering of CanCham members and other business organizations the plan of the provincial government to enact an investment code to further attract foreign and local investors under his administration.

It was earlier reported that he asked the local legislators to pass an investment code that will ensure the establishment of conducive business climate away from politics and selfish interest during the 13th inaugural session of the Provincial Board.

CanCham president Julian Payne lauded the goal of the provincial government but advised local legislators to make sure that regulations to be stated in the Investment Code should be in commonality with internationally-acclaimed standards.

He added that it should also be steady and balanced to avoid prospect investors to be discouraged.

 â€œThe investment should not be too lax or too tedious. The government has to carefully lay out the rules of the game. If it keeps on changing, people will get confused,” he said.

He further noted that the government has to focus more on a bigger challenge which is the strict implementation of the law once the Investment Code will be enacted.

“The problem here lies not much on its regulations but on the enforcement of the law,” Payne told The FREEMAN.

The newly-inaugurated Governor also urged the private sector to collaborate with the government in implementing projects that could improve the province of Cebu.

Davide particularly cited that upgrading of the delivery of health services, upscaling of facilities and district hospitals and addressing the lack of medical staff. (FREEMAN)