Foreign Investors Make PH An Economic Tiger
ROXAS City (Apr 26)— Bringing foreign investors into the Philippines is one of the ways to make the country an economic tiger, an economist from New York City said.
Madrid attended a dinner buffet with the business sector at the residence of Mark Shaffer and Consuelo Almonte in Costa Verde in Brgy. Cagay here April 19.
Local leaders, Madrid said, should also set up a global health care service headquarters to compete with health care service providers in other countries.
The economist also gave suggestions for the country to become progressive:
* It should develop industrial estates and infrastructures with Filipino and multinational partners.
* It should encourage multinational firms to put up their establishment in it.
* The Philippines should develop partnerships with these multinational companies to make and export their merchandise or services.
* It should work with more multinational companies to finance such activities — promote export-oriented investments with multinational and Filipino partners.
According to Madrid, the Philippine Constitution, which prohibits foreign investors to acquire 40 percent of investment shares and properties, is one of the factors that hamper the country’s development.
The Philippines is unlike Singapore whose economy depends mostly on foreign investors, he said.
Allowing foreign investors to control 100 percent of investment facilities that they help build in the country will redound to a better economy for the Philippines, Madrid said.
Madrid earned his master’s degree in business administration from the Columbia University. He was a former economist of Citigroup and JP Morgan Chase, and an economics professor at the New York University.
Meanwhile, Vice Mayor Ronnie Dadivas said it is not easy to change the Philippine Constitution, as he believes that leaders of the country will not allow it.
As for this city, it is in the right direction toward progress, said Engr. Antonio Balgos, a member of the Metro Roxas Water District Board of Directors.
Baldoz said this capital city has become a bustling metropolis due to the rising number of business establishments, multimillion-peso road projects, and new landmarks in the area./PN