MANILA, Philippines - Senators said Tuesday that the United States' move to remove the Philippines from the blacklist on Intellectual Property Rights (IPR) will boost investor confidence to the country.
Senators Vicente Sotto III, Juan Edgardo Angara and Grace Poe welcomed the move of the, US which came on the heels of US President Barack Obama’s visit in the country.
Sotto and Angara were optimistic that the US’ move will greatly increase the country's investor confidence.
“That's most welcome since it is bound to improve our image as a good place to do business,†Angara said.
In the past, Angara noted that the Philippines had gained notoriety as a place where covenants were not respected and a certain degree of arbitrariness was present.
For her part, Poe echoed the optimism that it will encourage more businessmen to invest in the country.
“That is certainly a leap forward towards one of our goals which is to encourage more investors both foreign and domestic to invest in our country,†Poe said.
“Removing us from the watch list gives us a better leverage in the international business community. We need to ensure that we encourage and increase that confidence with additional legislation that is business friendly,†she added.
Simply put, Poe stressed that “a business friendly environment -- which can create jobs and ultimately lead to inclusive growth -- should be our continuing goal.â€