Government should present viable projects and create IRR for foreign investment-Angara

By Jason de Asis

SENATE OFFICE, Manila, December 22, 2010-Senator Edgardo J. Angara, vice-chair of the Senate Committee on Finance urged the government to present viable projects and to create implementing rules and regulations (IRR) for foreign investments in attracting investors next year.

“There is a need for a complete investment drive of the government with specific projects that are sustainable and be launched in 2011,” Angara said, adding that foreign investors are looking for viable prospects for development projects.

Initially, while building up its own resources for handling these new businesses, the Senator explained that the country should aim for small to medium-scale investments, saying that at the moment the government needs to meet requirements first noting that more power sources in certain regions, a comprehensive set of rules to show the bigger investors that the country is capable of absorbing their capital.

Angara said that the high regard for the new government is a positive indicator for the overall state of the country, explaining that it is good that the citizenry are showing faith in the new administration and it shows unity and stability. But now it’s up to the government to solidify that good initial impression with concrete plans or that goodwill will dissipate.

The Senator said that a lack of investment promotions and feasibility studies are holding back most of these investors and the absence of comprehensive rules to govern foreign investments, adding that to show how serious the government is, it must promulgate the IRR (implementing rules and regulations) as soon as possible.

He added that the government should identify which countries are interested like the Korean government which is the most eager in Asia to help out the nation’s economy, now that they’ve shown interest, it’s up to the government to prove that the country is a worthwhile investment and convince them to put up the funding where it’s really needed. (Jason de Asis)