By Cielito M. Reganit
MANILA, March 13 (PNA) — Alarmed with the reported rise in the unemployment rate last January, a Metro Manila lawmaker at the House of Representatives urged Congress on Thursday to speed up work on vital economic measures that would lure foreign direct investments into the country.
Valenzuela City Rep. Sherwin Gatchalian said foreign direct investments would inject fresh capital in the country and create much-needed jobs.
“Foreign investors, however, think twice about setting up shops in the country because of the lack of laws and transparency which make the environment hospitable for business,” he noted as he underscored the need to enact laws that would make the country investor-friendly.
Among the proposed economic measures that Gatchalian wanted prioritized are the Anti-Trust law and the proposed changes in the Constitution’s economic provisions.
“The passage of the Anti-Trust measure will ensure fair competition by breaking oligopolies and in turn attract foreign direct investments which will stimulate job creation,” he said.
“Easing economic restrictions in the Constitution, on the other hand, will revise the 60-40 ownership of local firms, making it easier to draw in foreign direct investments,” Gatchalian added.
However, he said he is opposed to full foreign ownership of land, saying it will only make unemployment worse in the agricultural sector in the long term.
The Valenzuela lawmaker, who is also the vice chair for the House committees on Metro Manila Development, on Housing and Urban Development, and on Tourism, made the statement amid reports on the rising unemployment in the country, particularly in Metro Manila.
Based on the latest Labor Force Survey (LFS), around 2.97 million Filipinos were reported to be jobless as of January 2014 — up from 2.78 million in the same period last year — with the National Capital Region having the highest unemployment rate.
This, despite the increase in employed persons to 36.42 million from 36.14 million.
The work force also rose to 61.68 million from 60.74 million.
The Eastern Visayas region was excluded in the survey due to the havoc caused by typhoon “Yolanda” last November.
“The latest figures show that available jobs are not sufficient to meet the increasing number of people joining the labor force and Metro Manila continues to have the biggest unemployment rate. The passage of these measures would address the unemployment problem,” Gatchalian said.
Meanwhile, Gatchalian said that the Freedom of Information bill, although not an economic measure, will also entice foreign investors.
“The Freedom of Information bill will show potential investors that the government is making significant efforts in transparency. Investors will not put their money in countries where there is no good governance,” the lawmaker said.
He also pointed out that the aforementioned measures have already been lobbied for by local groups and foreign chambers to make business easier and boost economic growth.
“We have to move fast. Congress should work on these measures as soon as lawmakers come back from recess,” Gatchalian said.
The first regular session will resume on May 5 after a two-month break and will continue until June 13. (PNA)