[by Rick Daligdig]
Days are fast approaching and this present administration will come to their final bow. Yet, it seems that President Duterte’s economic team is not dilly-dallying in their promise to pass an economy to the next admin with an upward trajectory after it was crippled by the pandemic.
Last month, President Rodrigo Duterte signed into laws the Public Service Act, Amendment on Foreign Investment Act of 1991 and the new Retail Sale Liberalization Law. These laws are being emphasized by the President in his last State of the Nation Address (SONA) last July 2021 as vital and makes the country more competitive with our neighbors.
Public Service Act will allow 100% foreign ownership of the businesses and corporations like telecommunication, railways, subways, airlines, tollways, expressways, and domestic shipping. With these new laws, the Department of Trade and Industry estimated that around $100 Billion worth of investments will come into our country. Foreign Investment Act allows foreigners to own and build their malls or medium-size business. Retail Sale Liberalization Law decreases the minimum required capital for retail business from Php 100 million to Php 25 Million pesos.
So what’s the catch? Given that Duterte Administration will step down from office in June 30, 2022. The new Administration will be the one to implement these new economic laws. This is on top of the economic and tax reform law like Train Law and CREATE Law. The next administration if realize have an enough arsenal to gun the economic programs and agenda they want to do given the newly enacted laws. The new government must maximize it on its full course so that the promise of building back better to where we are…before the pandemic will push through. This present government laid down the foundation for economic recovery and the ball will be passed on to who will be the next leader of our country.