CHIZ SAYS UNSTABLE POLICIES, POOR INFRA IMPEDE
ENTRY OF INVESTMENTS

Leading vice-presidential candidate Sen. Francis "Chiz" Escudero said that poor infrastructure, legal challenges and unstable policies are doing more harm to the country's business environment than what many considered as restrictive provisions of the Constitution.

Escudero said relaxing certain economic provisions in the Charter should take a back seat to improving the conditions that would make investment opportunities here more appealing to foreign investors.

"Bukas ako pero bilang muling sagot, ayon sa survey, hindi ito ang pangunahing mga dahilan kung bakit hindi pumapasok dito ang mga namumuhunan," Escudero said.

"Pangunahin ang unstable policies, pangalawa panghihimasok ng korte, pangatlo ang kakulangan ng infrastructure. Iyon ang mas nais kong tugunan," the veteran lawmaker added.

According to the Philippines Statistics Authority (PSA), total foreign investments (FI) approved in the first quarter of 2015 stood at P58 billion, 21 percent less than 2014's P73 billion, while total FI for the second quarter amounted to P36.2 billion, or up only by 0.5 percent over the same period last year.

Approved investments of foreign and local businesses dropped by as much as 65.1 percent to P90 billion in the second quarter of 2015 from P257.8 billion recorded the previous year. PSA also said Filipino businessmen continued to dominate the local seen, pitching in some 59.8 percent or about a total PP53.8 billion.

Also, Escudero supported calls to lift the nationality requirements in establishing businesses in the country, however, ownership of land shall remain exclusive to Filipinos.

"Hindi ako papayag na buksan ang pag mamay-ari ng lupa sa mga dayuhan. Pero sa mga negosyo , marahil oo," Escudero said.

"Katulad halimbawa ng media, nasa loob ng kwarto ko ang CNN at BBC ni hindi ko alam kung sino ang may-ari at baka Pilipino. Hanggang ngayon sa Konstitusyon, 100 percent pa rin iyon, dapat baguhin iyon," he added.