Pacquiao vows to use global influence to reel in foreign investments

Published November 19, 2021, 5:08 PM

by Dhel Nazario

Using his “global celebrity stature”, presidential aspirant Sen. Manny Pacquiao said on Thursday, Nov. 18 that he will lure foreign direct investments (FDIs) to the Philippines and provide jobs for the country’s poor.

Senator Manny Pacquiao2

Pacquiao mentioned he has at least 10 international billionaire friends who are committed to investing their money in the Philippines.

Their only condition, according to the senator, is for him to get rid of corruption which has been a big turn-off for foreign investors and address the country”s unreliable internet and power supply.

“May mga kaibigan ako na mga malalaking negosyante at mga mayayaman sa ibang bansa na naka-ready na tumulong sa Pilipinas. Ayaw lang talaga nila itong napakatinding korapsyon sa ating gobyerno (I have capable friends who are big businessmen from other countries that are ready to help the Philippines. They just do not like the rampant corruption in our government), ” Pacquiao said.

“Mahirap din po talagang makakuha ng investors sa bansa kung ang mga katabing bansa ay nasa 20 porsyento lang ang corporate tax. Kailangan nating pababain ang ating corporate tax at palakasin ang ating non-tax revenues (It can really be hard to get investors for the Philippines if our neighboring countries have only 20 percent corporate tax. We need to lower our corporate tax and strengthen our non-tax revenues),” Pacquiao added.

Pacquiao said that even before the pandemic which forced many businesses to shut down, many FDIs have already moved elsewhere primarily because of the country’s unpleasant business climate.

Aside from having a very unreliable infrastructure for businesses, Pacquiao said the government’s reliance on taxes and the instability in economic policies are a big turn-off for potential investors.