In line with his call for refocusing the country’s priorities, Senator Richard J. Gordon said the government should make an effort to secure more foreign direct investments (FDI) to create more jobs for the people.
“Is there an alternate plan by the government to generate jobs? Obviously, the country has to generate jobs so that more people will pay taxes regularly, more corporations who will pay taxes. There will be self-generation of economic activity. Do we have a better mouse-trap so we can make our country more attractive to foreign investors?” Gordon said during the deliberation of the P4.1-trillion proposed budget for 2020.
“Infrastructure plus industrial parks plus good development plus good atmosphere, making it friendly for investments, would help,” he added.
Gordon noted that the Philippines had not been making too much headway in terms of increasing its share of FDIs, having remained fifth among the countries in Asia. He added that with different business enterprises leaving China as a result of its trade war with the United States, the Philippines should be more competitive and the government should exert more effort to make them see the Philippines as an alternate location.
“Andaming lumipat. For example, H1 Corporation which makes bicycle parts is now in Vietnam from China. Hex Steels, they moved to the United States. Ling Long Tires, they moved to Serbia, as far as Serbia. Ling Long Tires, Hasbro, Olympus, they moved to Vietnam. Deckers shoes, they moved to Vietnam and Cambodia, Steve Madden shoes, Vietnam and Cambodia, Coach Fashion moved to Cambodia and Vietnam… I don’t see any Philippines here on my list. So obviously, these countries will generate employment,” he pointed out.