Both admirers and critics of President Rody Duterte acknowledge that there is fast momentum of real change and reforms now. In fact, I hear a lot of businesspeople saying that this new administration marks the possible start of a new golden era for foreign and local investors to expand business operations in the Philippines. Here are some reasons why they should invest now:
• Charter change is coming on economic provisions. Moves to finally go forward in reforming the Philippine constitution can bring our investment policies up to par with or even more welcoming than those of our neighbors in ASEAN and Asia, thus boosting the profitability prospects for foreign and local investors. Let us woo more long-term businesses like factories or tourism ventures, not just so-called “hot money” investments.
Negros Occidental Rep. Alfredo “Albee” Benitez, the country’s formerly second wealthiest member of congress next to Manny Pacquiao (now a senator), told me that he and many legislators and businessmen support President Duterte’s Charter change plans, especially the archaic and restrictive economic provisions. Benitez is co-host of the ANC TV show Game Changer, along with his son Javier “Javi” Lopez Benitez.
• Lower taxes on business and personal incomes. Right now, we have among the highest business and personal income tax rates in the region. Reforms to lower these high tax rates will not only boost the attractiveness of doing business in the Philippines for foreign and local investors, it will free up more disposable income among the citizenry and thus boost our consumer spending. I encourage foreign and local investors to already position themselves here in the Philippines, to start businesses or expand before this renewed economic boom.
• Better peace and order. Drastic improvement in peace and order will boost tourism, and thus offer great opportunities for foreign and local investors to expand or go into resorts, hotels, spas and other tourism-related businesses. Dr. James Dy of Pan Pacific Travel Corp., who recently received the PAL Gold Elite Award, said, “If we enjoy a better peace-and-order situation under the reforms of President Duterte, the Philippines will enjoy a golden era of unprecedented growth in the tourism industry.”
Buhay Partylist Congressman Lito Atienza recently told me that he didn’t campaign for Duterte and was actually disappointed that he won decisively as the new president, but this senior minority leader now admitted to me that he is very impressed by President Duterte’s anti-drug and anti-crime campaign. Atienza said, “Better peace and order is good news for the Philippine economy. I am in the opposition in congress, but I am pleasantly surprised and very impressed by President Duterte’s political will to solve the illegal drugs and crime problems. I realize now that it is only Duterte who could do this; not even past presidents have tried to do what he is doing now to end the illegal drugs menace, which will woo investors and tourists.”
Published by the Philstar  (http://www.philstar.com/business-life/2016/08/15/1613408/why-foreign-and-local-entrepreneurs-should-invest-philippines-now)