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BRITISH
Foreign Minister for Southeast Asia Meg Munn, MP, said
the Philippines can further attract foreign investments,
particularly from the United Kingdom, if it relaxes its
rules on foreign ownership to level the playing field.
Munn
expressed her opinion at the end of her two-day visit on
May 3, at a final meeting with key government officials,
business leaders and civil society groups.
She
discussed issues on the current economic environment in
the Philippines, as well as the peace situation in
Mindanao and the developments in the cases of
extrajudicial killings.
Munn
also held discussions with Foreign Undersecretary for
Policy Enrique Manalo on regional and international
issues, like the present food crisis and referendum in
Burma.
In a
briefing for the press at the Department of Foreign
Affairs, she said British companies continue to “look
forward” to exploring business opportunities in the
Philippines. “In
terms of economic reforms, we would like to focus on
open arrangements that would encourage foreign countries
to invest more in the Philippines; these would encourage
more business from the United Kingdom.. . .We are
particularly supporting free and fair competition.”
Munn
also met with some top women business leaders, including
Robina Gokongwei-Pe of Robinsons Corp. and Tessie
Sy-Coson of SM companies. “We discussed some prospects
in the Philippine business and the issues that face
them. We discussed reforms in business and the need for
an environment that’s more relaxed in terms of foreign
ownership.”
The
Constitution allows foreign investors to own only up to
40 percent of business companies that they operate in
the Philippines.
Britain
topped the list of foreign investors in the
Philippines
with a total of $446.5 million of foreign direct
investments in 2007. Most of the British investments are
in commercial banking, other financial institutions and
business-process outsourcing.
During
her visit, Munn led the launching of the Amanah Islamic
leadership program aimed at addressing Islamic
radicalism in three countries—the Philippines, Malaysia
and Indonesia.
“We need
to develop Islamic leaders who will actively work in
reforming the education, health, governance and economic
systems in their respective communities, with the
ultimate goal of improving human security in the
Southeast Asian region,” said Munn in a keynote speech
at the launch Saturday of the Amanah leadership program
in
Makati City.
She said
the two-year project funded with 300,000 British pounds
(about P25.5 million) will be pilot-tested in the
Philippines this year and will be implemented later in
Malaysia
and Indonesia.
The
three countries are known to be lairs of the al-Qaeda
linked Jema’ah Islamiya terrorist group. |
