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Philippine President Benigno Simeon Aquino III said he wants the Philippines to have an investment friendly environment in order for the country to appeal to more investments that would create more jobs.

Aquino pointed out that the kind of circumstances that investors generally look for is one that would allow for speedy and smooth business transactions, or lessen the tedious processing of investment applications and other documentary requirements and other forms of bureaucratic red tape.

The Chief Executive said we should make life easy for investors because the influx of more foreign and local capital would in turn generate jobs for Filipino workers.

“Tratuhin natin nang tama and mga tumutulong sa atin (Let us be nice to the people who help us),” said the President.

The President earlier made known this policy of his administration in his speech after taking his oath as the country’s 15th President last June 30. He again shared it with media men during his first press briefing with the Malacanang Press Corps last week.

“We will make our country attractive to investors,” said Aquino in his inaugural speech. He added: “We will cut red tape dramatically and beginstable economic policies. We will level the playing field for investors and make government an enabler, not a hindrance to business.”

There are two other major economic concerns that President Aquino said he will address to attract investors. The other concerns are infrastructure and government investment policies.

The Philippine President has started to take the necessary steps to address these major economic concerns.

One of these is the creation of an economic team that would help the President manage the economy and craft economic policies and programs. In turn, these policies and programs will create an environment conducive to foreign investment.

The Philippine Chamber of Commerce and Industry (PCCI), the country’s largest business organization, hailed the Aquino economic team as one that “would boost business and investor confidence as they are noted to have large experience in providing long term policy solutions and sound advice” on addressing issues including investment promotion, infrastructure development and bureaucratic red tape, among others.

PCCI president Francis Chua said they are pleased with the list of President Aquino’s economic team and that it is their desire to work closely with the team to ensure that the interest of the private sector and small and medium entrepreneurs “are reflected on the table.”

The economic team is comprised of Department of Finance Secretary Cesar V. Purisima, NEDA Director-General Cayetano Paderanga, Jr., Department of Trade amd Industry Secretary Gregoy L. Domingo, and Bureau of Internal Revenue Commissioner Kim Henares.

Attached to the DTI are the Philippine Export Zone Authority (PEZA) and Board of Investments (BOI), which are the lead government agencies responsible for investment promotion. (PIA 6/OPS)

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