Articles worth reading

Four children drown in Laguna

account_balanceMetro Manila access_time5 days ago

The Department of Education (DepEd) clarified a “misinformation” that a learner and three out-of-school youth drowned while submitting self-learning modules in Biñan, Laguna, according to a report by Philippine News Agency. &...

Fake news seen to derail immunization

account_balanceMetro Manila access_time5 days ago

The World Health Organisation and experts are warning that "infodemic" or fake news may jeopardize roll-out of immunization programs meant to bring an end to the suffering, according to a report by GMA News. "The coronavirus disease i...

PLDT-Smart to put up 2 fiber landing stations 

account_balanceMetro Manila access_time5 days ago

PLDT and its wireless subsidiary Smart is set to ramp up its broadband and data services by adding two more fiber cable landing stations in the country next year, according to a report by Philippine News Agency. In a statement on Thursday, PLDT...

Metro News

Photo Courtesy of AFP

PH eyed as manufacturing hub

account_balanceMetro News account_circleJames Lopes chat_bubble_outline0 Comments

A congresswoman said the Philippines should be promoted as an alternative to China manufacturing in the aftermath of the coronavirus disease (Covid-19) pandemic.

Bagong Henerasyon Party-list Rep. Bernadette Herrera said the government should seize the opportunity to become an alternative investment destination as foreign companies seek to reduce reliance on China as a manufacturing base following the Covid-19 outbreak and the concomitant supply disruption.

“The government should take a more aggressive approach to convince firms seeking to move out of China that the Philippines is a good alternative for them given our unique competitive advantage, highly-skilled manpower and improved ease of doing business,” Herrera said.

“This is a golden opportunity for the Philippines to up its game in securing more foreign direct investment projects to shore up the economy battered by a two-month community quarantine to contain the spread of Covid-19,” she added.

She suggested the eastern portion of Bulacan province as a possible site for future manufacturing facilities.

“The eastern portion of Bulacan is an example of its viability where there are vast lands available for development into an industrial city of more or less 40,000 hectares. It has its own source of power and water, near the power grid, and has existing access roads,” Herrera said.

She said an executive order or a presidential proclamation can be put in place for such policy, stressing the need for the country to attract foreign direct investments that would generate mass employment.

“The need to create mass employment is now even more urgent after the Covid-19 crisis left at least 2.5 million Filipinos jobless,” she said.

Herrera noted that the government has made significant progress in addressing critical issues that have hampered the country’s investment climate and the competitiveness of local firms, particularly that of micro, small and medium enterprises (MSMEs).

She said the Philippines has improved its attractiveness for investors with the enactment of the Ease of Doing Business law, which makes the process of putting up and running a business in the country easier and more efficient.

She, however, urged the Philippine Economic Zone Authority (PEZA) to offer more attractive incentives to lure foreign investors.

“We have to make sure we are competitive and allow PEZA and the executive department to offer concessions if need be,” Herrera said. “They have to be flexible enough that when attracting companies they can go on a trade mission, and offer land, infrastructure, and leeway on taxes and fees.”

The Philippines was ranked as the seventh-best country in the world to invest in or do business for 2020, according to CEO Magazine.

In an article posted on its website https://www.theceomagazine.com/business/finance/countries-invest on April 29, the CEO Magazine said the Philippines got a total score of 81.5 based on the report released by CEOWORLD in February when some countries have already reported confirmed cases of Covid-19.

The CEOWORLD study analyzed 80 countries according to business and investment environments. Corruption, freedom, workforce, investor protection, infrastructure, taxes, quality of life, red tape, and technological readiness were among the factors taken into consideration.

The Philippines scored high in terms of a constitutional framework (94.9), education, and research (94.8), market potential (92.8), and trade openness (91.3).

Economic stability (69.8), the skilled labor force (64.61), and government policies (62.54) were also measured.

Singapore topped the list of most attractive nations for investors and business people followed by the UK, Poland, Indonesia, and India.

Australia was in 6th place followed by the Philippines, the US, Malaysia, and the Czech Republic. 


date_rangeDate Published
6 months ago
shareShare article
folder_openArticle tags
content_copyCategorized under

Share your thoughts with us

Related Articles

Pasig to distribute Christmas food packs 

account_balancePasig chrome_reader_mode15 hours ago

Pasig City will still distribute Christmas food packs to residents despite constraints due to the coronavirus pandemic, Mayor Vico Sotto said in a report by GMA News. The “Pamaskong Handog 2020” food packs will contain rice, noodles, and...

11 overseas Filipinos catch virus

account_balanceMetro Manila chrome_reader_mode1 day ago

The Department of Foreign Affairs (DFA) reported 11 new cases of coronavirus disease 2019 (Covid-19) among overseas Filipinos on Nov. 29, pushing the total number of infections to 11,676, according to a report by Philippine News Agency. In its lates...

Taguig City Mayor Lino Cayetano / PNA

Taguig sets up  'teaching hubs' 

account_balanceTaguig chrome_reader_mode6 days ago

As face-to-face classes remain suspended due to the coronavirus disease (Covid-19) pandemic, the Taguig City government has transformed an initial 10 classrooms of the Taguig City University (TCU) into "teaching hubs" on Wednesday, acc...

The struggles in 2020 of the casino industry in the Philippines

account_balanceMetro Manila chrome_reader_mode2 months ago

Do you want to learn more about the challenges and predictions for the gambling industry in the Philippines? Find all answers in this article!

Let's Stay Connected Like us on our Facebook page.
×
Click on the article to continue reading
Solar-powered bike pit stop opens in San Juan DOTr wont apprehend vehicles without RFID until Jan. 1Covid-19 cases in NCR on a decline Maynilad service interruption expected until Nov. 29PNP chapels to limit Simbang Gabi crowd to 30% All UP students likely to pass this semester About 6 million Filipinos register for national ID Expressways ready to enforce cashless transactions by Dec. 1 Send Press Release MNC Facebook Page MNC Twitter Page MNC Instagram Page LGU Spotlight Barangay Front Business Sports Entertainment Metro Gen Metro Feature