The Committee on Economic Affairs chaired by Senator JV Ejercito holds public hearing today, February 24, 2015 to discuss Senate Bill No. 2517–An Act Removing/Amending Investment Restrictions in Specific Laws Governing Adjustment Companies, Lending Companies, and Financing Companies Cited in the Foreign Investment Negative List, Except Those in the Constitution.
Ejercito, who is also the author of the said measure, said that the bill aims to liberalize investment activities and areas which significantly contribute to industrialization and socioeconomic development. These investment activities include lending, adjustment and financing which are governed by specific laws.
The Chairman of Economic Affairs committee considers the measure as priority legislation. It was the same measure endorsed by the Economic Cluster to the committee for consideration. He stressed out the potential contribution of foreign investment liberalization to our economic growth.
“If the Foreign Investment Negative List works as a gap for economic development, then let it be reformed through legislation. Let the gap be bridged.” Senator JV said.
Senator JV is looking into passing the Senate bill before the sine die adjournment of the 16th Congress.
Rikki Mathay /( 02) 5526748