Let foreign investors own land in PHL–Thomas

Wednesday, 03 October 2012 20:55 Butch D. Enerio / Correspondent

CAGAYAN DE ORO CITY—Ambassador Harry K. Thomas has urged Congress to do its bit to work on Philippine laws that restrict foreign ownership of land and pave the way for the inflow of investments into the country.

He said the restriction is one of the several reasons American investors shy away from doing business in the Philippines.

The US envoy aired his views during roundtable discussions on Tuesday at the Xavier University.

Thomas said that although there were a number of American investors coming in, their investment was insignificant compared to other Asian countries where US investments the flare considerably helping their economies.

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Thomas said American investors who would be doing business here are keen on renewable-energy projects, particularly in Mindanao.

Earlier, the Board of Investments disclosed that 95 percent of investments in the country are domestically sourced and only 5 percent are foreign.  

Thomas said US investments in Asian countries account for $150 billion—$100 billion in Singapore and the rest in Japan and South Korea.

But he said that despite the lack of foreign investment in the Philippines, the US has considerably helped the country in terms of grants, which created jobs.

“It’s now up to the Philippine legislators to make their country an investment destination. And once the investment climate has changed, the Philippines would have a high satisfaction rating that would draw foreign investors, particularly from the US,” he said.