House Committee on Ways and Means chairman, Albay 2nd district Rep. Joey Salceda says the 2020s could become the best decade ever for the Philippines in terms of foreign direct investment (FDIs).
This, after it was reported Monday, March 21 that President Duterte had signed the Public Service Act (PSA) amendments, a move that effectively opens up 100 percent foreign equity to all economic sectors in the country.
But there's a caveat in Salceda's rosy outlook for the country's FDI prospects.
He said that the 2020s may turn out to be "the best decade for FDI in the country's history, or at least our FDI breakout moment, if the next president gets it right".
"If the next administration can inspire investor confidence and enact supportive and economically sound policies, the policy reforms we enacted through CREATE (Corporate Recovery and Tax Incentives for Enterprises Law), FIA (Foreign Investment Act), PSA (Public Service Act), and RTLA (Retail Trade Liberalization Act) amendments will usher in a wave of foreign investments," the Bicolano said, rattling off key economic legislation of the current Duterte administration.
"That's why confidence-inspiring policies and appointments, especially in the economic team of the next leader, will be absolutely crucial," he added, as if to further highlight the crucial tasks of the incoming administration.
The Philippines will elect its next president on May 9, 2022.
Economist-solon Salceda had earlier endorsed Vice President Leni Robredo for president and Davao City Mayor Sara Duterte-Carpio for vice president.
Presidential candidate and survey frontrunner Bongbong Marcos, whose running mate is Duterte-Carpio, sounded off on the reasoning behind Salceda's choice for the highest position in the land in an interview Monday.