Former defense secretary and senatorial candidate Gilbert Teodoro on Wednesday called on the government to provide stable investment policies that would complement the passage of three key economic laws that are aimed to attract more foreign investors in the Philippines.
Teodoro, a former Tarlac representative and 1989 Bar topnothcer, made the call following President Duterte’s signing into law of the amendments to the Public Services Act (PSA).
The newly-enacted law is part of the three economic laws that would relax rules for foreign enterprises wanting to do business in the Philippines.
The two other laws—the Retail Trade Liberalization Act and the Foreign Investment Act signed in December 2021 and February 2022, respectively—are also seen to spur the country’s economic growth.
“Now that we have eased rules to attract foreign investments here, the government should ensure that future regulations are consistent with the laws,” he said.
Should he win in the Senate race in the May 2022 elections, Teodor said he would pursue the “Project Repeal” of the government, which aims to revoke outdated rules and unnecessary laws and issuances that affect the country’s investment climate.
“We have opened our doors to foreign investors to contribute to our economic and jobs recovery. Now, we have to ensure that their investments are safe here by providing a stable policy environment for all businesses,” the senatorial bet stressed.