Philippines prepares for AEC integration

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aecTwo governmental agencies in the Philippines along with key members of the business community have created a public-private technical working group (TWG) to address tighter regional competition involved with the forthcoming creation of the ASEAN Economic Community (AEC). One of the paramount goals of the TWG is to outline a “unified stand on trade and liberalisation issues,” a statement to media by the Philippine Exporters Confederation Inc (PhilExport) said.

The TWG was created during a meeting between the Department of Industry and Trade, Department of Foreign Affairs and members of the private sector, and could possible look at making amendments in the Philippine Constitution to meet its goals, PhilExport said.

The liberalized flow of trade and labour written into the ideals of the AEC has scared up action in many ASEAN nations, with business leaders lobbying governments to push forward preemptive reforms.

The Makati Business Club, the Philippine Chamber of Commerce and Industry, the Employers’ Confederation of the Philippines and PhilExport, among the 13 largest business organisation, wrote to President Benigno Aquino III seeking the removal of restrictions on foreign ownership in the country, a policy seen as being a major impediment to attracting foreign direct investment. The Philippines imposes a 60-40 per cent ownership policy favouring local ownership, and restricts foreigners from owning land, telecommunications and media companies.

“Business groups must take a united stance on the issue, particularly on provisions affecting foreign ownership in utilities as well as mining and other extractive industries,” PhilExport quoted Foreign Affairs Undersecretary Laura Q. del Rosario as saying.

Philippine businesses have been urged to submit their positions to the government.

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Reading Time: 2 minutes

Two governmental agencies in the Philippines along with key members of the business community have created a public-private technical working group (TWG) to address tighter regional competition involved with the forthcoming creation of the ASEAN Economic Community (AEC). One of the paramount goals of the TWG is to outline a “unified stand on trade and liberalisation issues,” a statement to media by the Philippine Exporters Confederation Inc (PhilExport) said.

Reading Time: 2 minutes

aecTwo governmental agencies in the Philippines along with key members of the business community have created a public-private technical working group (TWG) to address tighter regional competition involved with the forthcoming creation of the ASEAN Economic Community (AEC). One of the paramount goals of the TWG is to outline a “unified stand on trade and liberalisation issues,” a statement to media by the Philippine Exporters Confederation Inc (PhilExport) said.

The TWG was created during a meeting between the Department of Industry and Trade, Department of Foreign Affairs and members of the private sector, and could possible look at making amendments in the Philippine Constitution to meet its goals, PhilExport said.

The liberalized flow of trade and labour written into the ideals of the AEC has scared up action in many ASEAN nations, with business leaders lobbying governments to push forward preemptive reforms.

The Makati Business Club, the Philippine Chamber of Commerce and Industry, the Employers’ Confederation of the Philippines and PhilExport, among the 13 largest business organisation, wrote to President Benigno Aquino III seeking the removal of restrictions on foreign ownership in the country, a policy seen as being a major impediment to attracting foreign direct investment. The Philippines imposes a 60-40 per cent ownership policy favouring local ownership, and restricts foreigners from owning land, telecommunications and media companies.

“Business groups must take a united stance on the issue, particularly on provisions affecting foreign ownership in utilities as well as mining and other extractive industries,” PhilExport quoted Foreign Affairs Undersecretary Laura Q. del Rosario as saying.

Philippine businesses have been urged to submit their positions to the government.

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