ECCP calls for liberalization of foreign ownership in Phl

CEBU, Philippines - The president of the European Chamber of Commerce of the Philippines calls on the government to liberalize the restrictive foreign ownership in the Philippines.

Guenter Taus said he does think there should be restrictions on ownership of foreign companies here.

The move to liberalize foreign ownership in the country is long overdue, he emphasized.

"Especially now with ASEAN integration you have to open anyway. The integration means you can trade freely with other countries," Taus told Cebu reporters in an interview yesterday.

"Globalization is equally important if not more important than ASEAN integration," the ECCP official pointed out.

He said liberalizing foreign ownership would urge local players to be more competitive and thereby grow.

The Philippine Constitution currently only allows foreign nationals to own 40 percent of companies in local industries.

The incoming administration of President-elect Rodrigo Duterte has expressed intent to amend the Constitution to ease constraints to foreign investments.

Taus believes the Philippines is moving in the right director as long as the incoming government continues the growth trend by prioritizing reforms in key sectors such as agriculture, tourism, education and infrastructure.

"We'd like to see these sectors liberalized," he said.

"Liberalization in certain sectors is important to make sure we stay competitive and improve in quality," he added. — (FREEMAN)