TWO lawmakers have expressed concern over reports that several foreign investors are avoiding the Philippines due to foreign ownership restrictions in the Constitution.

Palawan Representative Jose Alvarez, PDP-Laban president, said in a media conference that the Korean ambassador to Manila has told him that out of 343 Korean investors, only three decided to locate in the Philippines.

“Yung 340 went to Vietnam. Hindi ba sapat na…na buksan na natin yung economy kasi kulelat na nga tayo sa buong ASEAN,” Alvarez, a former businessman, said.

“Yung mga napasang batas, opening-up the economy, hindi pa sapat. That’s very direct answer, because in the other countries, pagpalagay mo na sa Vietnam, wala namang foreign ownership sa lupa. Kasi in a communist state, all lands belong to the state. Pero definitive yung 25 years, 50 years, 75 years, ito iyong mga benepisyo. Ito yung investmet mo, ito yung taong i-employ mo.

Kumpleto sa recados,” Alvarez added.

He pointed out that he has lived half of his life “practically in ASEAN, Singapore, Jakarta, Vietnam,” so he can tell how these countries develop.”

“In China, if I were a foreign businessman, I will just show the government a voucher, a purchase voucher, and the government will give me the land, give me the capital, give me the infrastructure necessary, the electricity,” former businessman-turned-lawmaker Aklan Rep. Teodorico Haresco Jr. said.

He cited the example of a Filipino-Chinese businessman who produces snack food under the brand name Oishi and who runs factories here and in China.

“For instance, this Filipino businessman has opened up 11 factories in China, using just a simple ingredient, cornstarch. So, a manufacturer of Oishi. Every factory that he opens is given $200 million and he is charged every year 5 percent, that includes the cost of capital given by the government and taxes. Five percent lang po, interest at taxes,” he said.

“So, he has 11 factories and growing all over China. So that is how they welcome foreign investments. Look at our ASEAN neighbors, when we started ASEAN 1967, we were No. 3 most prosperous country…since 1997, we were the last of the five founding members of ASEAN. Now we are third to the last, third and the last being Laos, second Myanmar,” he also said.

Haresco said Indonesia, Vietnam, Thailand, members of ASEAN have changed their Constitution so many times to attract foreign capital.

INVESTORS’ FEEDBACK

Two other solons said it is about time to listen to foreign investors’ feedback and suggestion on economic amendments.

While House members respect the statements of former Supreme Court (SC) Associate Justice Antonio Carpio on the topic of amending the specific restrictive economic provisions of the Constitution, there’s no denying the need to listen to the feedback of the actual foreign investors who are eying the Philippines for business.

Bataan Rep. Geraldine Roman, chairperson of the House Committee on Women and Gender Equality, said in a press conference that “in this case we should listen more to the potential investors.

They would know the challenges that they face before investing in our country.”

“But between theory and practical, practically you know and real talk ika nga sinasabi natin, pakinggan natin ‘yung mga investors and I think it doesn’t take much to be observant no and compare our situation and that of other countries,” Roman said.

For his part, House Assistant Majority Leader Ako Bicol Party-list Rep. Jil Bongalon, agreed with Roman’s points regarding Carpio’s comments.