FOREIGN businessmen in the country are dissatisfied with the 2008 Investment Priorities Plan (IPP) that was approved by the Cabinet as they believe it was not target-oriented and specific enough to be really effective as an investment-promotions tool.

The Foreign Chambers of the Philippines (FCP), in a letter to Trade Secretary Peter Favila, a copy of which was obtained by the BusinessMirror, also expressed disappointment that its representatives were never invited in the public hearings conducted by the Board of Investments (BOI) before the IPP was finalized and submitted to Malacañang for approval.

Had they been invited, the FCP said its representatives would have raised several issues that they feel are important to the foreign business community.

The FCP—composed of the chambers of the American, Canadian, Australian-New Zealand, Japanese, Korean, and European businessmen here, plus the association of multinational regional headquarters in the Philippines—said the group had long wanted to be consulted in the IPP because it believes foreign direct investments (FDI) in the country could be raised substantially if the various barriers and disincentives would be removed.

Nonetheless, the group still forwarded its comments to the IPP in its letter to Favila.

“We feel the list approved by the Cabinet is not specific enough. If we are to use the IPP as a tool for investment promotion, it should be target-oriented, highlighting the specific sectors the government wishes to be developed by providing investment incentives,” the group said in the letter.

For instance, in the agriculture and agribusiness heading, the FCP said emphasis should have been given on the development of agro-industrial estates to bring together the farming community and food processors.

In infrastructure, the emphasis should have been on sea, land and air transport, as well as energy.

For tourism, the FCP said it would have appreciated if medical and retirement zones were covered.

For engineered products and strategic investments, the group said the types of projects should have been specifically identified “so investors can be guided to the strategic requirements of the country.”

The foreign chambers also wondered why the business-process outsourcing sector was not in the list, considering it needs a great amount of support if the Philippines is to attain its target of capturing 10 percent of the world’s outsourcing and offshoring market by 2010.

The FCP also recommended that the required entry investments for foreign retailers be lowered.

On the employment of foreign nationals, the group asked for the selective opening of the restrictions in architecture, engineering, medicine and medical technology and geology, among others, to help address the needs of growing industries such as medical travel and retirement, as well as mining and creative industries.

Although the 2008 IPP has been finalized, the group is still seeking a meeting with Favila and BOI managing head Elmer Hernandez to “obtain more precise guidance on how the 2008 IPP will be interpreted.”

“At the same time, we wish to put on record to be included in the discussions leading to the 2009 IPP,” the group said.

FOREIGN businessmen in the country are dissatisfied with the 2008 Investment Priorities Plan (IPP) that was approved by the Cabinet as they believe it was not target-oriented and specific enough to be really effective as an investment-promotions tool.

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