British ambassador, NCC ink MOA on Bilateral Program Fund
October 5, 2016 10:30 am
MANILA, Oct. 4 – The United Kingdom and the National Competitiveness Council (NCC) on Tuesday signed a Memorandum of Agreement (MOA) on Bilateral Program Fund for “Project Repeal” to address the growing need for a wider effort to cut red tape across agencies.
British Ambassador Asif Ahmad and NCC Private Sector co-chair Guillermo Luz inked the documents at the Asian Institute of Management (AIM) in Makati City.
Ahmad said that many of his countrymen have expressed desire to invest more in the Philippines after the International Monetary Fund (IMF) latest assessment that Philippine economy will continue its growth forecast in the next two years.
“We are the highest investors in the European Union. We are interested to invest more in energy and mining,” Ahmad told reporters at the sideline of the event.
He said, many of his countrymen have also expressed desire to invest in other fields like motor vehicles, manufacturing, electronics and call centers.
“Coming in now are the electronics and manufacturing goods, franchise targeting the consumer market here in the Philippines and many more,” he stressed.
But he has proposed to the Duterte administration to repeal or relax some economic laws to make it easy for investors like them to enter the Philippines hoping to cut red tapes by simplifying requirements.
Project Repeal is an initiative that draws inspiration from the United Kingdom’s Red Tape Challenge which was initiated early this year as a government-wide deregulation system that addresses the growing need for a wider effort to cut red tape across agencies and to effectively facilitate an efficient supply chain and logistics management in the country in order to attract more foreign investments to the Philippine market.
He said red tape is among the top concerns that dampen the business confidence in the country which derails the Philippine’s overall competitiveness despite good macroeconomic position.
In fact, the recent Global Competitiveness Report ranked the Philippines as 131st in terms of burden of government regulations.
For his part,, Luz said if the present administration can fast track the needed new economic laws which they have proposed to the legislators of both houses of Congress, we can make a giant leap in Global Competitiveness and improved our ranking.
“We have deadlines in every steps of business and we need to beat it,” Luz stressed. (PNA)