Removal of Phl from USTR list to fan investor interest in Phl
from May 8, 2014 04:00 pm to May 8, 2014 04:00 pm
By Louella D. Desiderio (The Philippine Star) | Updated May 8, 2014 - 12:00am
MANILA, Philippines - The Department of Trade and Industry (DTI) expects increased investor interest in the Philippines following the country’s removal from the US Trade Representative’s (USTR) Watchlist and closure of the Generalized System of Preferences (GSP) labor practices review.
“We expect heightened investor interest, particularly in industries fuelled by innovation, technology, creativity, and design with the recent removal of the Philippines from the USTR Watchlist as well as the US’ recognition that our labor practices are at par with international standards,” Trade Secretary Gregory Domingo said in a statement yesterday.
Trade Undersecretary for Industry Development and Trade Policy Adrian Cristobal Jr. attributed the recent gains to government’s efforts to strengthen the country’s foothold as a robust economy in the global community.
“The Philippines maintains a favorable investment climate where labor remains productive and motivated, Intellectual Property Rights (IPR) are protected and laws are enforced. These are some of the desired characteristics that attract investors when exploring potential investment destinations,” Cristobal said.
In a separate statement, the country’s largest business organization – the Philippine Chamber of Commerce and Industry (PCCI) – said it also sees more foreign direct investments, particularly from American high-technology manufacturers here as a result of the country’s removal from the USTR’s Watchlist.
“Many US manufacturers of high-technology products would be encouraged to locate here because of USTR findings that Philippine laws provide adequate protection of IPR,” PCCI president Alfredo Yao said.