Favila seeks VIP treatment for foreign investors

Foreign investors may soon receive VIP treatment while in the Philippines, if Trade and Industry Secretary Peter B. Favila can have his way.

According to Favila, foreign investors should receive red carpet treatment when they visit the country. He said from the moment the investors arrive, officials of the Department of Trade and Industry (DTI) should pick them up at the airport and bring them to their hotels where they will be greeted in their rooms with a welcome basket of fruits compliments of the Trade Secretary.

The foreign investors, according to Favila, would be given all the information they need and would also be given a firm timeline on their proposal.

Foreign investors have repeatedly complained about the long delay in the evaluation of investment proposals and the actual implementation of projects, Favila said.

Thus, government should adopt an accounts management approach, providing more efficiency and wasting no time for the investor, he added.

Only one entity, the DTI, would deal with the investors instead of the more than 15 agencies they currently have to talk with.

With the stiff competition to attract investors, a more novel approach should be taken in dealing with potential investors, Favila stressed.