Net foreign direct investments are projected to rise to USD 8.5 billion this year amid expectations of improved domestic and global investment climate. While the Covid-19 virus rages, we didn’t sit idly by and wait for the pandemic to recede.
We continued to work for the enactment of structural reform measures: These include the following: First, the amended Retail Trade Liberalization Act, which lowers the minimum paid-up capital for foreign retailers; Second, the amended Foreign Investments Act, which encourages foreign professionals to bring their practice, know-how, and technical expertise to the Philippines; and Third, the amended Public Service Act, which will open key economic sectors, such as telecommunications and airline industries.