SENATE President Juan Miguel “Migz” F. Zubiri explains the benefits of Resolution of Both Houses (RBH) No. 6 to the people during its first public consultation outside of Metro Manila.
Introduced by Zubiri, RBH 6 seeks to amend Articles 12, 14 and 16 of the 1987 Constitution, addressing restrictions on foreign ownership in public utilities, educational institutions and the advertising industry.
Zubiri said the Philippines needs to step up and make the country more conducive for investors.
“The first reaction of the people is that they don’t want foreigners to come in but we need more investments. (Like the) Texas Instruments, Philippines is here in Baguio City. Imagine if Texas Instruments will suddenly pull out of the country, how many thousands of jobs will be lost? We need more investments like this. We are already behind Vietnam and Indonesia because they offer very attractive incentive packages and they have no restrictions in their laws that prevents them from bringing all these investors,” the Senate President told resource persons in Baguio City Friday, May 17, 2024.
Texas Instruments Inc., is one of the top 10 semiconductor companies worldwide that designs and manufactures semiconductors and various integrated circuits.
Baguio City Rep. Mark Go said an Asian Development Bank findings noted that in 2022, investments for the Association of Southeast Asian Nations (ASEAN) totaled $224 billion with Singapore getting $141 billion in foreign direct investments; Indonesia, $21.97 billion; Vietnam with $17.9 billion; Malaysia, $17.1 billion; Thailand, $9.94 billion and the Philippines $9.02 billion.
He said the Philippines got the tail end in terms of the total foreign direct investments in the ASEAN region because of the country’s restrictive policies.
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