Gibo says anti-bureaucratic mindset to spur investments

MANILA, Philippines — Former defense secretary and senatorial candidate Gilbert “Gibo” Teodoro has welcomed the signing into law of Republic Act 11647 amending the Foreign Investments Act, but said the government should be less bureaucratic in order to facilitate more investments into the country.

“Promoting the Philippines as a destination for foreign investments does not end with relaxing the foreign ownership, but foreign investors should feel that they can start their business in the country with ease,” said Teodoro, the 1989 Bar topnotcher.

The former Tarlac congressman urged government agencies and local government units to draw away from a “bureaucratic mindset” such as asking for redundant requirements, instead they should facilitate the smooth flow of transactions in public offices.

Teodoro said all government agencies should also adhere to the 3-7-20 rule of the Ease of Doing Business Law to ensure red tape-free transactions between the public and the government. The 3-7-20 rule requires government offices to complete simple transactions within three days, complex within seven days and highly technical within 20 days.

“The government should establish a business-friendly environment for both foreign and domestic enterprises. This could be done if the government shifts away from a bureaucratic mindset,” Teodoro said.