By: Roy Bersales
AS far as the likes of Finance Secretary Carlos Dominguez III is concerned, there is no problem having foreign businessmen putting up business ventures in the Philippines.
In fact, Dominguez told some 400 participants of Philippine Development Forum (PDF) held in Davao City that the country needs the entry of the foreign businessmen to help further improve the economy.
Specifically, Domiguez said they can be strategic partners in developing and improving further the agricultural sector precisely to widen its market.
The problem is the 1987 Philippine Constitution prevents the foreign to do business on a wider scale.
The Philippine Constitution allows them to join the business in the country, but limited to 40 percent ownership, especially in media and education industry.
Dominguez, however, the constitutional blockade is not completely a hindrance since there is still a way for the foreign businessmen to join thee business operations in the country sans the 40 percent limitations imposed by the Philippines Constitution.
And that is by means of amending some laws that prevent foreigners to conduct business in a 100% scheme, Dominguez said.
The point of Dominguez, who is part of the Duterte administration’s economic think tank, is the direct foreign investment (FDI) has a key role in the development and growth of the country’s economy.
FDI specifically contributes to the country’s unemployment problem and shortage of market of the domestic products.
Thus, Dominguez strongly implied that the it is a strong resolve of the Duterte administration that the entry of foreign investments to the country is definitely a big deal to the Duterte administration.