House Speaker Martin Romualdez (MANILA BULLETIN)

Taking a cue from President Marcos, the House of Representatives will be conducting an extensive study on how to make current laws facilitate the entry of more foreign direct investments (FDI) to the Philippines.

House Speaker Martin Romualdez had this to say Saturday after Singapore-based multinational technology company Dyson made an P11-billion investment pledge during a meeting with President Marcos. 

Romualdez, leader of 311-strong House of Representatives in the Philippines, is accompanying Marcos in Singapore. News of the big investment pledge broke out locally Saturday afternoon. 

"We joined the President in his policy to do and conduct reviews on the current body of legislation particularly focusing on legislation or laws that govern the treatment and appreciation of foreign investments into the country and how foreign business are conducted in the Philippines," he said. 

"We are moving, [to] streamline those laws and we're also looking at the totality of the body of laws and looking at older laws, either obsolete or archaic o yung sinasabi na hindi na bagay sa panahon na nag e-encourage tayo ng foreign investments (or those not attuned to our goal of encouraging foreign investments," Romualdez said. 

The Leyte 1st district congressman said they intend to "amend and change the laws so that the country would be more open to foreign direct investments". 

"So gagawin natin lahat...Kagaya sa ginawa natin sa foreign investments act at sa retail trade liberalization, to open up the economy for foreign direct investments," added Romualdez, who is arguably Marcos' most trusted ally in the legislature. 

"The Dyson group and the Valiram group are investing and topping up the expansion plans in the Philippines and the President welcomes and supports all these initiatives," the Speaker said, referring to the promised P11-billion investment. 

Romualdez made a similar, aggressive push to gain more FDIs before--on Feb. 8 in a speech during the celebration of Constitution Day in Malacañang, with President Marcos as guest of honor. 

Romualdez said that based on United Nations (UN) data, FDIs account for the largest source of external financing in developing countries, beating out remittances, private debt and portfolio equity, or official development assistance. 

“Higher FDI inflows can ease capital constraints and contribute to output and employment growth. Given the appropriate host-country policies and a basic level of development, a preponderance of studies shows that FDI triggers technology spillovers, assists human capital formation, contributes to international trade integration, helps create a more competitive business environment and enhances enterprise development,” he said. 

“All of these contribute to higher economic growth, which is the most potent tool for alleviating poverty in developing countries,” Romualdez said.