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House leader wants PH as alternate finance hub in Asia

MANILA - A lawmaker on Tuesday urged the Department of Trade and Industry (DTI) to present the Philippines as the alternative finance hub of the Western Pacific as more foreign businesses in Hong Kong are eyeing to move out due to the government's strict Covid-19 protocols. Deputy Speaker Bernadette Herrera said the government could consider Bonifacio Global City (BGC) Taguig, Clark, Makati City, Quezon City, and Metro Cebu as prime alternative finance hubs given the recent development in Hong Kong as Asia's main finance hub. Herrera cited a Bloomberg report stating that nearly half of the European companies in Hong Kong are eyeing to relocate operations and staff due to the strict pandemic controls. "Bloomberg has reported that foreign companies in Hong Kong are thinking of moving out because of the continuing pandemic biohazards there. I see this as an opportunity for the Department of Trade and Industry to present the Philippines as the alternative finance hub of the We ....

City Of Taguig , Hong Kong , Makati City , San Pedro Makati , Sharon Garin , Bernadette Herrera , House Committee On Economic Affairs , Public Service Act , Public Service , Western Pacific , Speaker Bernadette Herrera , Bonifacio Global City , Quezon City , Metro Cebu , Economic Affairs , Manilaa Lawmaker On Tuesday Urged The Department Of Trade And Industry Dti To Present Philippines As Alternative Finance Hub Western Pacific More Foreign Businesses In Hong Kong Are Eyeing Move Out Due Government 39s Strict Covid 19 Protocols Deputy Speaker Bernadette Herrera Said Could Consider Bonifacio Global City Bgc Taguig , Makati City , Quezon City , Nd Metro Cebu As Prime Alternative Finance Hubs Given The Recent Development In Hong Kong Asia 39s Main Hub Herrera Citeda Bloomberg Report Stating That Nearly Half Of European Companies Are Eyeing To Relocate Operations And Staff Due Strict Pandemic Controls Quot Has Reported Foreign Thinking Moving Out Because Continuing Biohazards Therei See This An Opportunity For Department Trade Industry Present Philippines Western Pacific , Uot Herrera Said She New Investor Friendly Laws Have Made The Countrya Quot Much More Competitive Host Of Regional Headquarters And Global Hubs Was Referring To Recently Enacted Law Amending 85 Year Old Public Service Act Psa , Hich She Said Could Bea Game Changer That Would Open Up The Philippine Economy To More Foreign Investors , Hus Boosting Jobs And Economic Growth Recovery Quot This Isa Golden Opportunity To Ensure Continued Long Term , Uot She Said House Committee On Economic Affairs Chair Sharon Garin , Aid The Passage Of Law Will Increase Philippines 39 Foreign Direct Investments Fdi By Around Php299 Billion Over Next Five Years Garin Said It Is Also Expected To Gross Domestic Product Gdp Growth Rate 0 47 Percentage Points Above Baseline She Goal Psa Encourage More Capital Inflows , Hich Will Provide Employment , Develop Resources ,

Solons say PSA amendments game-changer in PH economy

MANILA - Members of the House of Representatives on Tuesday lauded the enactment of a law amending the 85-year-old Public Service Act (PSA), which could be a game-changer that would open up the Philippine economy to more foreign investors. House Committee on Economic Affairs chair Sharon Garin said the passage of the law will increase the Philippines' foreign direct investments (FDI) by around PHP299 billion over the next five years. Garin said it is also expected to increase the gross domestic product (GDP) growth rate by 0.47 percentage points above the baseline. She said the new Public Service Act, along with the Foreign Investment Act, will be "game changers" designed to boost foreign investments of capital for many ailing businesses amid the coronavirus pandemic. "After decades of meetings, discussions and debate, we now have updated the relevant laws that fit the needs of our country, as we try to move forward after the effects of the pandemic on our economy,&q ....

Bernadette Herrera , Sharon Garin , Rodrigo Roa Duterte , House Committee On Economic Affairs , Public Service Act , Public Service , Economic Affairs , Foreign Investment Act , Speaker Bernadette Herrera , President Rodrigo Roa Duterte , Manila Members Of The House Representatives On Tuesday Lauded Enactment Ofa Law Amending 85 Year Old Public Service Act Psa , Hich Could Bea Game Changer That Would Open Up The Philippine Economy To More Foreign Investors House Committee On Economic Affairs Chair Sharon Garin Said Passage Of Law Will Increase Philippines 39 Direct Investments Fdi By Around Php299 Billion Over Next Five Years It Is Also Expected Gross Domestic Product Gdp Growth Rate 0 47 Percentage Points Above Baseline She New Public Service Act , Long With The Foreign Investment Act , Ill Be Quot Game Changers Designed To Boost Foreign Investments Of Capital For Many Ailing Businesses Amid The Coronavirus Pandemic After Decades Meetings , Iscussions And Debate , E Now Have Updated The Relevant Laws That Fit Needs Of Our Country , S We Try To Move Forward After The Effects Of Pandemic On Our Economy , Uot She Said The Goal Of Psa Is To Encourage More Capital Inflows , Hich Will Provide Employment , Develop Resources , Ncrease The Value Of Exports , Nd Help Fuel The Overall Economy Quot When You Havea Good Investment Climate , Ou Build More Businesses That Will Generate Jobs And Introduce Innovation To Industries Need Compete In The International Market End , Ou Give Buying Power To The People , Ave Better Tax Collections , Nd Will Help The Government Providea Better Quality Of Goods And Services It 39s Definitelya Win Situation ,