Gordon urges gov’t to create opportunities, attract investors to sustain economic transformation amid COVID-19 pandemic
Amid the economic crisis brought about by the Coronavirus 2019 (COVID-19) pandemic, Senator Richard J. Gordon urged the government to take advantage of the current situation to bring in more opportunities for the country to recover and sustain its economic transformation.
“Our government should come up with a feasible masterplan and adopt a whole-of-government approach to attract foreign investors to capitalize in the Philippines and we need tailored policies to be able to advance our competitiveness as a country in terms of improving business conditions for these capitalists,” he said.
Gordon stressed that the government should have focused on the US-China trade war that started last year wherein Chinese investors started moving out from the United States and begin to transfer to Southeast Asian countries such as Vietnam and Cambodia.
Gordon said, “Speed is the name of the game. In these times of crises, our economic radar should be more aggressive and must always be on the lookout so that we do not miss even a single opportunity. Indonesia is now the main destination for the relocation of US factories and a huge number of US multinational companies are moving there.”
During the 17th Congress, Gordon authored the Regional Investment Coordinating Hub (RICH) in Central Luzon bill that encourages and promotes investments and infrastructure to address bottlenecks, lay the foundation for long-term growth, create jobs and opportunities, and improve the quality of life for the people.
As Gordon explained, “Through the RICH bill, which we will refile at the Congress, we are legislating the current administration’s aggressive policy direction to decongest Metro Manila through the Balik-Probinsya program. We can use unoccupied lands in the provinces in Central Luzon where we can build factories and other businesses, and provide jobs for our people.”
Gordon added that the government should give the right incentives to capitalists to encourage them to invest more and to attract more stockholders.
“With the right policies in place and a more open-mind from our economic managers, we can make Central Luzon growth corridor and other regions in the country a viable investment hub for foreign companies around the globe,” he said.— Source: senate.gov.ph