(Usplash)

The Philippines must "strike while the iron is hot" in terms of making the country more attractive to foreign investors. 

Thus, said House Deputy Majority Leader Tingog Party-list Rep. Jude Acidre as he underscored in a press conference Thursday, March 21 the need to "follow through" with the international community's positive business outlook on the Philippines. 

Acidre was reacting to the World Economic Forum's (WEF) projection that the Philippines could become a a $2-trillion economy in the next 10 years, if it can maintain key reforms and sustain strong economic growth. 

This economy of comparable to that of Canada, Italy, and Brazil. 

"I [had] the chance to attend the business meeting, the forum with the business community with US (United States) Commerce Secretary Gina Raimundo, when she visited last week and clearly many times in her speech, she pointed out that this legislative reforms including relaxing the restrictions to certain economic sectors is sending a clear message that the Philippines is open for business," Acidre said. 

"I think it's important that we follow through with that observation, sayang naman (it would be a pity if we don't). Ika nga nila (As they say), you strike while the iron is hot," he noted. 

Acidre says the country already has all the ingredients needed to make a big splash in the foreign investments pool. 

Incidentally, the House approved on third and final reading Wednesday night Resolution of Both Houses (RBH) No.7. The measure seeks to ease the economic prohibitions in the 1987 Constitution for the purpose of gaining more foreign direct investments (FDIs). 

"So andito na lahat ng recipe, nasa atin na lang ho at lalong-lalo na ang RBH (So our recipe is complete, it's just up to us, and especially this RBH)," Acidre said. 

The Senate must first approve its counterpart measure, RBH No.6, for the so-called economic Charter change (Cha-cha) to come to fruition. 

"We have a President who understands the importance of [FDIs] not only that [we're] also reaching out to the international community, providing a better and a rosier picture of our country in the international scene; you have a legislature; you have the Speaker who is... serious and determined in providing the necessary legislation for the administration to carry out its fiscal, economic, and social reforms," Acidre said. 

He identified public utilities, education, and advertising as local sectors that would greatly benefit from the expected influx of FDIs. 

"They are actually strong fundamental building blocks in improving our position as an opportunity for foreign direct investors," he said, as he noted that these sectors were covered by RBH No.7. 

RBH No.7 was lifted from the Senate's RBH No.6, which proposes amendments to Articles XII, XIV and XVI of the existing Charter.