“By opening up the economy to foreign investors, we will be bringing the opportunities closer to Filipinos, which means they don’t need to work overseas because high-paying jobs will be available for them here,” said Herrera.
The country’s FDI inflows have been on a decline since 2019. FDI from January to November 2019 amounted to $6.4 billion, 30 percent lower than the $9.2 billion recorded in the same period in 2018. Herrera noted that the Philippines also lags behind its Association of Southeast Asian Nation peers in terms of attracting FDI mainly because of foreign ownership restrictions in the Constitution.
The 1987 Constitution limits foreign ownership of land and businesses to only 40 percent and reserves the other 60 percent to Filipino citizens or corporations.
Really? Why? Because no need to migrate, when the lands are owned by foreigners? When we are made a province of china?
E di ba nga gagawa pa kayo ng Department of OFW?
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