One-stop action center for foreign investors pushed

The Joint Foreign Chambers of Commerce of the Philippines have expressed their "enthusiastic support" to the proposal of Trade and Industry Secretary Juan B. Santos for an effective and dynamic One Stop Action Center (OSAC) to address the concerns of existing foreign investors, while urging the DTI head to address their continuing concerns regarding the mining sector.

In a letter to Santos dated June 9, the Joint Foreign Chambers wrote that the proposed OSAC "should be given sufficient leeway and discretion towards the achievement of one principal purpose, which is to address all major concerns related to foreign investments in the Philippines."

To better implement its mandate, the Joint Foreign Chambers suggested, the OSAC "should report directly to the President and should have effective control and influence over all investment-related agencies of government."

The Joint Foreign Chambers are also looking forward to working with Santos and the Board of Investments on the 2005 Investment Priorities Plan (IPP).

The Joint Foreign Chambers also brought to Santos’ attention their concerns about the mining sector.

They wrote that "despite the efforts of government to attract inward investment and the existence of legislation in support of such policy, a number of major concerns, have not, in our opinion, been properly addressed."

These concerns, the Joint Foreign Chambers said, " remain a barrier to prospective inward investors and impact directly on the level of capital actually invested in the country."