FOREIGN businessmen are asking the Department of Trade and Industry (DTI) to relax restrictions on the entry of professional workers and lower the entry barrier to retail trade under the 8th Regular Foreign Investment Negative List (FINL).

In a letter to Trade Secretary Peter Favila, the Joint Foreign Chambers (JFC) also suggested to the National Economic and Development Authority (Neda) and the DTI the conduct of a study on how to further liberalize the FINL.

“We note that the 7th Regular FINL will expire in December 2008. Despite our correspondence with Neda and DTI suggesting a study of how to further liberalize the negative list, we are not aware of any action taken,” said the JFC in a letter dated April 24.

Foreign businessmen said the Philippine government can consider a selective opening of the restrictions and encouragement to establish practices for architecture, engineering, medicine and medical technology and geology.

“[This] will help address the needs of the new Philippine industry sectors such as medical travel and retirement, mining and creative industries,” said the foreign businessmen.

The existing 7th Regular FINL, which was approved in January 2007, has retained strict limits on foreign ownership of businesses and a ban on professional workers.

The Philippine government said the restrictions were retained because “no new laws were enacted that remove foreign-equity limitations in investment areas or activities outlined in the previous negative list.”

The existing negative list has remained unchanged despite repeated calls from foreign businessmen belonging to the JFC to revise existing laws removing restrictions on foreign equity and the practice of professions of foreign professionals.

“The JFC has noticed that there are few differences between successive negative lists. We believe that this reflects a passive rather than active approach by the Philippine government to liberalizing the foreign-investment regime,” the JFC said in an earlier statement.

The American Chamber of Commerce (AmCham) had also called for a review of the government’s Regular FINLs and consider the opening up of certain sectors such as mass media, advertising, financial services and public utilities, which are limited to foreign investors.

The Neda said that while the government is keen on the entry of more foreign investments into the country, the liberalization of some sectors would require changes in the Constitution.

The JFC letter to Favila was signed by the AmCham, the European Chamber of Commerce of the Philippines, the Canadian Chamber of Commerce of the Philippines, the Australian-New Zealand Chamber of Commerce of the Philippines, the Japanese Chamber of Commerce and Industry of the Philippines, the Korean Chamber of Commerce of the Philippines and the Philippine Association of Multinational Companies Regional Headquarters Inc.

MADRID, Spain—The Philippines will shed more than one percentage point out of its gross domestic product (GDP), experience higher inflation, and force the Bangko Sentral to jack up interest rates in 2008 and 2009 due to high food and oil prices, according to the latest study released by the Asian Development Bank (ADB).

FOREIGN businessmen are asking the Department of Trade and Industry (DTI) to relax restrictions on the entry of professional workers and lower the entry barrier to retail trade under the 8th Regular Foreign Investment Negative List (FINL).

AN official of the European Chamber of Commerce in the Philippines (ECCP) believes the government is “ignoring” the creative-design industry in the country despite its huge contribution to the domestic economy.

LOOKING at providing reliable power supply to people of Palawan, the provincial government there has programmed to allot P110 million to finance its solar home-system project.

THE electric jeepney, or e-jeepney, touted to be a cleaner, safer, renewable alternative to fossil fuel-based public transport, has finally been given the green light to ply the country’s public roads.

CITY OF SAN FERNANDO—The Department of Tourism (DOT) is set to embark on a nationwide campaign to increase awareness and promote the country’s adventure and ecotourism destinations and activities.