THE Aquino administration is now approaching its twilight time, and both local and foreign businessmen and investors are crossing their fingers and hoping that the current period of relative transparency will translate into yet another six years of a level playing field. There is nothing that discourages investors more than knowing that they do not stand a fair chance at bagging a project simply because a rival group or groups can boast of being able to rig the odds in their favor.
Whenever a business group or entity approaches this writer, for example, I listen to their pitch and then proceed to tell them that whatever else happens, they would still have to go through a bidding process. The big boss has made it clear that big, and even small-ticket, items must be bid out based on existing rules and regulations, and with the process and the results published in the appropriate social and official media channels. Fortunately, most proponents accept this process, because it sure beats the alternative wherein favored groups always win in the end.
The process is not foolproof and may often be circumvented in devious ways, but, as a whole, the day of whole-scale shenanigans is over. At least until a future administration comes into power with less than noble motives. These days, however, the playing field is kept level also because of the public’s vigilance and the ease with which scandals and corrupt practices can be placed directly under the glare of unwanted publicity through social media.
In the past, and even to this day, investors have sought to dismantle that crippling provision in the Constitution limiting the ability of foreign entities from owning land and investing in certain critical areas. The restrictions on land ownership may be mitigated somewhat by way of long-term leaseholds that go anywhere from 25 to 50 years. In Clark and Subic, it is possible to lease property for as long as 50 years, with an additional 25 years of renewal. I know that many people, who invest in massive projects, look at the residual value of their investments, and insist that this is where the true payback occurs, when they can point to the increased worth of their investment at the end of 50 to 100 years. Of course, by then, it will be their heirs or successor who will be able to realize this gain or, at the very least, enjoy their increased net worth vicariously.
The guessing game regarding the possible successor to the current inhabitant of the palace ultimately seeks answers to the questions regarding transparency, a corrupt-free stance from the very top, and a level playing field for all concerned. Only in this way will more investment funds find their way into the country, when people know that the parameters of the game and their assumptions from Day One remain constant, and will not change from year to year, depending on the caprices of inconstant officialdom.