New challenges. Same prayer.
The administration of President Ferdinand Marcos, Jr. is well on its track to pushing the country towards greater progress.
Keeping a sustained infrastructure development and even adding more is highly laudable. After all, the massive build-up signals that the Philippines is indeed back in business.
Amidst the momentum of growth and progress lurks an apprehension. Investors and locators are bothered to no end as to the removal of incentives and other tax perks. Thus, questions are raised: are investors ready to sacrifice even more? Are they to shoulder the brunt of payments for loans that fund these projects?
Make no mistake about it. Investors are willing partners of progress. That is precisely the reason why they chose to be in Clark, Subic and other investment centers. But it is prayed that source of funding be found somewhere else rather on digging more into their pockets. After all, investors in Freeport Zones who contribute largely to Foreign Direct Investments, have been promised that the climate would remain preferable. This is in keeping the competitiveness of the country amidst neighboring contenders. Changing rules midstream may not just sit well.
Make no mistake about it, too, that locators in Clark, Subic and other economic zones are not anti-CREATE Act. In fact, they have religiously attended public hearings and consultations in and out of the halls of Congress. They hailed the passage of RA 11534 at the belief that it will level the playing field.
What they now lament is its IRR and the subsequent issuance of revenue regulations that changed the complexion of the game, unfavorably and unfairly.
Investors have been laying the golden egg. Let us keep it that way. We pray. We appeal.
(Pooled editorial, HORIZON (Clark Investors and Locators Association newsletter Vol. 4)
