Thursday, September 27, 2012

Estrella favors 100% foreign equity in RP’s industries

Abono Party List No. 1 Nominee Conrad Estrella
By Mortz C. Ortigoza
MANGALDAN – Former congressman Conrado Estrella favors 100 percent ownership of Philippine industries in favor of foreign investors to generate employment among Filipinos. Estrella, the first nominee of Abono Party List group for the next year’s poll, said he was in favor of amending the constitution that hamper 100% ownership of industries for the country to be just like in China and Vietnam that draw cash-awashed foreign businessmen. “Everything should be open if you want to invite them (investors).
 If you want to keep them here, (they should) know (they are) secure,” he stressed. The economic provisions of the Philippine Constitution gives only a maximum ownership of 40 percent to non-Filipinos. Many believed that because of these laws, employment generation in the country suffers.
According to the World Bank, the foreign direct investment inflows in the Philippines, Malaysia, and Indonesia in 2011-2012 is U.S $1.262 Billion, US$ 10.77 Billion, U.S$ 18.1 Billion, respectively. He said it has already been a practiced by smart-alect foreigners to skirt the law of the land by using a dummy. “Meron silang pinapakasalan dito, or what (iyong) gagamitin si Mrs. Tapos iyon pala 100%. So, why are we going to ban them?” Estrella said however that all-out ownership for foreigners should be qualified. “Let’s qualify their properties. For example, agricultural farm lands, and iyong dapat nating gagawin na hindi natin i-allow ang ownership. Di ba, ganoon din sa residential, sa commercial, how to qualify it. Hindi lang sweeping,” he explained. He said congress should look to how many percent is to be given in residential, agriculture and commercial lands.

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