Angel Ngu, Jose Yulo clash on lifting of 40% cap on foreign equity
Should President Rodrigo Duterte push for charter change to amend a provision limiting foreign investors to 40 percent in key industries?
Angel Ngu, honorary president of the Federation of Filipino Chinese Chambers of Commerce and Industry, Inc., said there was a need for the Philippines to facilitate the entry of more investments which can boost the economy and provide job opportunities.
“I think the Congress should help also in opening the door for the foreign investments to come in…We have to open up some of the areas that we cannot (participate) especially in infrastructure business,” he said.
But Jose Luis Yulo Jr., president of Chamber of Commerce of the Philippine Islands, believes that foreign investments do not come to the country because of the 60-40 percent rule.
“Not because of we don’t own land. They (investors) cannot own land in Thailand, they cannot own land in Japan, they cannot own land in China. So that’s not the issue,” he said.
“The issue is peace and security. The issue is (that) our contract is respected by our judiciary,” he added. (PNA)