Gordon urges gov't to come up with master plan to attract foreign investors

Published May 20, 2020, 10:18 AM

by manilabulletin_admin

By Mario Casayuran

Senator Richard J. Gordon on Wednesday said the national government must now come up with a feasible master plan and adopt a whole-of-government approach to attract foreign investors.

Senator Richard Gordon (Senate of the Philippines / MANILA BULLETIN)
Senator Richard Gordon
(Senate of the Philippines / MANILA BULLETIN)

‘’We need tailored policies to be able to advance our competitiveness as a country in terms of improving business conditions for these capitalists,” he said.

Senator Imee R. Marcos, chairwoman of the Senate Economic Affairs Committee, had earlier asked the Duterte administration to make the government’s economic policies attractive to foreign investors as the US government and some Western countries are planning to pull out of China and invest in Southeast Asian countries. The move was triggered by the US-China trade war.

“Speed is the name of the game. In these times of crises, our economic radar should be more aggressive and must always be on the lookout so that we do not miss even a single opportunity. Indonesia is now the main destination for the relocation of US factories and a huge number of US multinational companies are moving there,’’ Gordon said.

During the 17th Congress, Gordon authored the Regional Investment Coordinating Hub (RICH) in Central Luzon bill that encourages and promotes investments and infrastructure to address bottlenecks, lay the foundation for long-term growth, create jobs and opportunities, and improve the quality of life for the people.

“Through the RICH bill, which we will refile in Congress, we are legislating the current administration’s aggressive policy direction to decongest Metro Manila through the Balik-Probinsya program. We can use unoccupied lands in the provinces in Central Luzon where we can build factories and other businesses, and provide jobs for our people,’’ he said.

Gordon added that the government should give the right incentives to capitalists to encourage them to invest more and to attract more stockholders.

“With the right policies in place and a more open-mind from our economic managers, we can make Central Luzon a growth corridor, and other regions in the country a viable investment hub for foreign companies around the globe,” he said.