Europeans Eye Investment Relaxation
Byline: BERNIE CAHILES-MAGKILAT
European investors here said that foreign investments can be harnessed if some of the constitutional restrictions barring foreign participation in public utilities, media and advertising are removed and not be put behind in the ongoing political debates that put emphasis on charter change.
This was stressed by William Bailey, president of the European Chamber of Commerce of the Philippines, during the EU-RP Partnership: Focusing on New Frontiers Conference.
More European interest and European investment can be harnessed if some of the constitutional restrictions are removed, Bailey said.
Both Houses of Congress have to demonstrate leadership in making and keeping this country competitive, he said.
He added that todays debate from cha-cha to concon is focusing on changes in the political system arena, but it is essential that the necessary changes and adjustments in the economic field are not forgotten.
Bailey specifically mentioned the need to change foreign ownership limitation for foreign investors in public utilities and the media and advertising if the country wishes to attract investments in the multimedia field.
European investors, he added, have substantial share in the power industry in this country from gas exploration (Pilipinas Shell) and production to power generation and distribution.
There can be even more investments if restrictions on ownership were to be removed and more predictability be achieved, he noted. …