CEBU, Philippines - More than just the anticipation as to who will be the next leaders of the Philippines, Canadian investors are more interested on the possible changes and law amendments the new leadership will entail, such as policies that will make the country more investor-friendly.
Canadian Chamber of Commerce and Industry of the Philippines (CanCham) president Julian Payne said that how the next administration reforms the Philippines in such a way that is friendlier to investors will translate to more investments to the country after the elections.
Payne cited the Philippines’ stringent regulations on Foreign Direct Investments as a major impediment to the inflow of potential foreign investments.
He added that investors, not only the Canadians, are now starting to pay attention on what politicians have to say about this particular issue.
Specifically for Canadians, Payne said they are more interested on the development of Mining Act or the Executive Order (EO-79), and other frameworks that restrict or discriminate foreign investors.
On the other hand, foreign investors are also anticipating that the newly elected leaders will retain the effective regulations, such as the current tax framework, among others to make the country more enticing to the global investing community in general.
In the mining sector for instance, while the Philippines remains attractive, the government has to make the country's mining fiscal regime competitive, as well as environmental laws. Otherwise, investors will opt to choose other countries like Chile, Mongolia and others.
Payne was in Cebu yesterday for a briefing organized by CanCham-Cebu Chapter to update members on the result and new regulations under the new Canadian Federal Government headed by Prime Minister Justin Trudeau.
CanCham also announced the holding of its 10th International ICT Awards on March 22, 2016 in Resorts World in Manila.
Payne announced the entry of a new category, called “Participants’ Choice – Most Popular Team Leader”, of which participants will use an interactive ICT application to solicit votes from registered attendees in the event and from all sponsors, details of which will be discussed during the media briefing.
The International ICT Awards Philippines is a major event in the ICT industry’s annual calendar. This prestigious annual awards event recognizes outstanding contributors to achieving excellence in the ICT industry with awards in various categories open to eligible companies and individuals in the Philippines. (FREEMAN)