The Philippines to open up economy to foreign investors

10:34 | 25/11/2016 Global Economy

Philippine President Rodrigo Duterte has announced that he is carrying out steps to open up some such fields as electricity, energy and telecommunications to foreign investors in an effort to limit corruption and fight protectionism.

the philippines to open up economy to foreign investors

A corner of the Philippines (Source: Getty Images)

Speaking at a press conference in Davao city on November 23 after returning from the Asia-Pacific Economic Cooperation (APEC) Summit in Peru, the President stressed that it is time to change regulations and free energy, electricity and telecommunications sectors to make them more competitive, helping Filipinos have better services.

The only way for the Philippines to quickly bring benefits to the poor is to open up telecommunications and the whole energy sector, he said, adding that it is time to distribute money to the whole country, go faster and make competition open to all.

Investors in the Philippines often express their worry on adjustments that could lead to limiting foreign investment into some sectors, including telecommunications and public services.

According to Duterte, the only way to resolve the problem is to separate the Philippines from a handful of people who hold power and financial resources.

He affirmed he is finalising plans to open up information technology and communication industry to new partners to promote competition and quality services.

The country has been considering legal procedures and negotiating mechanisms to accelerate new investors’ approach to electricity and energy sectors.

According to the Ministry of Economy and Planning, the country’s economy has grown 7.1 percent in the three months after President Duterte took office./.

Source: VNA

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