Pacquiao to use global stature to lure investors

MANILA, Philippines — Sen. Manny Pacquiao yesterday vowed to help the country catch up with its Asian neighbors in terms of foreign direct investments by using his worldwide influence as an international boxing champion, if he wins the presidency next year.

“We have many billionaire-friends who are really into big business in other countries, and they’re ready to help us here in the Philippines. The only thing that discourages them is our deep-rooted corruption in government,” he said.

In a statement, the former Sarangani congressman disclosed he has “at least 10 international billionaire-friends who are committed to investing their money in the Philippines.”

Pacquiao said these businessmen’s “only condition is for him to get rid of corruption, which has been a big turn-off for foreign investors,” where at the same time he was urged to “address the country’s unreliable internet and power supply.”

“It will be really hard for us to entice investors here when our Asian neighbors only impose a 20 percent corporate tax, compared to ours which is unfortunately higher. We have to lower this tax and strengthen our non-tax revenues,” he explained.

The Filipino world boxing champion visited parts of Bulacan and Metro Manila in his early campaign sorties, in preparation for the May 2022 elections where he is one of the presidential candidates in a six-way race.

Pacquiao said that even before the pandemic began in March 2020, which forced many businesses to shut down, many FDIs already moved elsewhere in the region, primarily because of the country’s unpleasant business climate.

Aside from the unreliable business infrastructure, the senator said the government’s reliance on taxes and the instability in economic policies are a big turn-off for potential investors.

Once elected, Pacquiao said he would ask Congress to “legislate sweeping tax reforms to foster a better investment climate for the Philippines.”

The recently signed Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law, which reduced corporate taxes from 30 to 20 percent for local firms, and 25 percent for resident foreign corporations, should be further reduced to 17 percent or even less so that the country can level the playing field with its Asian neighbors.

At the same time, Pacquiao also vowed to wage a war against bureaucratic red tape by further strengthening the Ease of Doing Business Act to ensure that all business permits and other documents are processed in not more than three days.