Philippine Trade Secretary Fred Pascual called on strengthening investments in the country at the inaugural meeting of the Inter-Agency Investment Promotion Coordination Committee (IIPCC).

“Let us provide the direction on our efforts to bring more foreign investments into the country. We must make sure that we can industrialize,” said Trade Secretary Alfredo Pascual. He also presented the actions needed to improve the country’s FDI performance.

Pascual chairs the Board of Investments and IIPCC.

Aiming to achieve a world-class brand image for the country, the IIPCC was established through the passage of the Republic Act No. 11647 or the amended Foreign Investment Act (FIA), under which the IIPCC was mandated to integrate all promotion and facilitation efforts to encourage foreign investments in the country.

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Along with the Public Service Act (PSA) and Retail Trade Liberalization Act (RTLA), the amended FIA makes the country’s business climate more open to foreign investments. The new economic measure significantly stepped up potential foreign investments by streamlining requirements for prospective foreign investors to enter the Philippine market.

The amended FIA clears a path for foreign investors to set up, invest, and fully-own micro and small domestic market enterprises with paid-up equity below the stated threshold but not below $100,000. The law further cuts down the employment requirements for foreign investments in domestic market enterprises from 50 direct employees to at least 15 Filipino employees. It also allows foreign nationals engaged in export enterprises 100% ownership in areas outside the Foreign Investment Negative List.