THE Board of Investments (BOI) is now taking a lead role in the crafting of the new foreign investment negative list (FINL) that takes effect in January next year, and will start consulting with the different foreign chambers in the country on the matter.

 This is after the National Economic and Development Authority (Neda) indicated during a recent meeting with the American Chamber of Commerce of the Philippines (AmCham) that it is not the agency in charge of drawing up the new two-year FINL, as its work on it is purely ministerial.

 “There is no stopping us now from sitting with you to look at the list,” Trade Undersecretary and BOI managing head Elmer  Hernandez told members of the AmCham during the group’s general membership meeting Wednesday at the Dusit Hotel.

 Previously, Hernandez said Neda was the agency tasked to draw up the FINL, with the BOI and other concerned agencies just giving their recommendations.

 During Wednesday’s meeting, however, AmCham director John Forbes narrated to Hernandez that in their recent meeting, Neda Deputy Director General Margarita Songco told them that Neda’s role on the FINL is just ministerial.

With this, Hernandez told the AmCham members that he will instruct his people at the BOI to start scheduling meeting with the Joint Foreign Chambers (JFC) on the new FINL.

Hernandez said that personally, he is in favor of the liberalization of the Philippine economy.

 The JFC has already sent a letter to Trade Secretary Peter Favila to request for some changes in the FINL, as they are concerned that the Department of Trade and Industry and Neda are still not taking actions to further liberalize the negative list.

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

In the practice of profession by foreigners here, the JFC 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 as contained in Executive Order (EO) 584, which will expire in December.

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

BOI to consult foreign chambers over new foreign investment negative list

THE Board of Investments (BOI) is now taking a lead role in the crafting of the new foreign investment negative list (FINL) that takes effect in January next year, and will start consulting with the different foreign chambers in the country on the matter.

Contractors get govt assurance on cost adjustments in state projects

THE government has now given contractors for state projects a guarantee that cost adjustments can now be made for projects whenever extraordinary inflation affects projects.

97% of patents granted in RP belong to foreign applicants

FOREIGN companies are still the ones are taking advantage of patent protection in the country due to the lack of awareness on the intellectual property system among Filipinos.

DOE has yet to convert Forum Energy’s GSEC 101 into service contract

THE Department of Energy (DOE) said Wednesday it has yet to issue an approval for the conversion of Forum Energy Philippines Corp.’s (Forum Energy) geophysical survey and exploration contract (GSEC) 101 over Northwest Palawan to a full service contract. 

Mactan international airport’s terminal building to be upgraded to increase capacity

THE Mactan-Cebu International Airport is embarking on a P300-million renovation and upgrading of its lone terminal building in order to increase its capacity and improve services.

Damaged transformers in Bulacan now being replaced by Transco

STATE-RUN National Transmission Corp. (Transco) said it had arranged the transfer of three 200-megavolt ampere transformers from its Kadampat substation in Labrador, Pangasinan, to temporarily replace the damaged transformers at Transco’s San Jose substation in Bulacan.

Scientists’ review of draft import risk analysis delays reopening of Aussie market to RP cavendish bananas

THE reopening of Australia’s market to Philippine cavendish bananas will have to wait a little longer as the Eminent Scientists Group (ESG) would need to review the revised draft import risk analysis (IRA) on the importation of local bananas recently completed by Biosecurity Australia (BA).

Fiber devt agency to propagate abaca growing in Cordilleras

BAGUIO CITY—The Fiber Industry Development Authority (FIDA) has made Baguio its new home, launching its office here last week after moving central operations from San Fernando, La Union.

Transformer in Mindanao geothermal power plant down–EDC

GEOTHERMAL giant Energy Development Corp. (EDC), formerly Philippine National Oil Co.-Energy Development Corp. (PNOC-EDC), reported Tuesday that the 75 megavolt-ampere (MVA) transformer at the Mindanao I Geothermal power plant has been damaged.