At the same time, foreign chambers and other local groups ramped up the pressure on the Senate to immediately give its concurrence to the ratification of the Regional Comprehensive Economic Partnership .
“This will improve the reputation of the Philippines as an economy that welcomes foreign investment, and annual FDI inflow levels should increase to levels well above Malaysia and Thailand and may even begin to approach Vietnam,” they said. The business groups said the bicameral committee members should adopt the most liberal provisions, such as allowing fully foreign-owned companies to hold operations and maintenance concessions of airports and seaports. Tollways and expressways should also be liberalized for foreign investments, they added.
Senator Mary Grace Natividad S. Poe-Llamanzares, chair of the Senate Public Services Committee, said in a Viber message there will be no hurdles to the ratification of the measure before the break. Lars Wittig, European Chamber of Commerce of the Philippines president, said the ratification of RCEP will be a complement to other economic reforms to show the Philippines is an “increasingly attractive location for new and expanding foreign investment.”
“We need RCEP to sustain such opportunities. Otherwise, we again lose these orders, as well as significant planned investments on apparel and textile from countries such as China, Taiwan, and others, to Vietnam which is expected to resume its operations in the next couple of months,” they said.