FOREIGN businessmen in the Philippines asked the government to liberalize further the country’s “negative list” by opening up more professions and investment areas to non-Filipinos as a way to spur the entry of more capital and new technology into the country.

“There are many things they can do administratively to open up the economy without touching the Constitution, and the government should take that initiative on their own,” Rob Sears, executive director of the American Chamber of Commerce of the Philippines (Amcham), told the BusinessMirror.

In the case of opening up some professions to foreigners, Sears said the country will benefit from the transfer of technology and knowledge by allowing non-Filipinos to practice in key areas.

He said Filipinos are “extremely competitive,” so this should not be perceived as a threat to them.

In the services sector, Sears said there is still no level playing field in the areas of banking, media ad and insurance, among others.

The Foreign Chambers of the Philippines (FCP), in a letter to Trade Secretary Peter Favila, asked that the government immediately organize a meeting with the members of the group soon to explore what actions might be taken in removing some of the restrictions in the current foreign investment negative list (FINL) as contained in Executive Order 584.

Since the seventh edition of the FINL is already set to expire in December, the FCP expressed concern that both the Department of Trade and Industry and National Economic and Development Authority are still not taking any action to further liberalize the negative list.

In the practice of profession by foreigners here, the FCP said there should be selective opening in the fields of architecture, engineering, medicine and medical technology, geology, mining and the creative industries.

These professions are currently reserved exclusively for Filipinos under the current FINL.

Also, the FCP wants the $2.5 million minimum capital for retail trade under EO 584 to be lowered.

This, the group said, will create more competition.

The foreign chambers said the list of the areas they want opened up would be much longer if they are to touch on the constitutional limitations, as they believe “it is unlikely that these restrictions will be liberalized anytime soon.”

FOREIGN businessmen in the Philippines asked the government to liberalize further the country’s “negative list” by opening up more professions and investment areas to non-Filipinos as a way to spur the entry of more capital and new technology into the country.

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