‘Cha-cha to lure FDI, cut unemployment’

MANILA, Philippines - The expected surge in foreign direct investment (FDI) if restrictions in the economic provisions of the Constitution are lifted would greatly reduce unemployment, business groups and leaders of the House of Representatives said yesterday.

Makati Business Club chairman Ramon del Rosario said there is a need for the government to act quickly on the fast-changing global developments as the country is being left behind.

“While we are very proud of the country’s economic performance with the GDP (gross domestic product) expanding by 7.2 percent in 2013… unemployment and underemployment continue to be extremely high. Even government statistics tell us that the combined rate is 26.4 percent,” Del Rosario said.

“You need investments to create jobs. There is no other way around it. Without additional and massive investments, you will not be able to create the jobs that our economy needs, and that I think is the most important point. There is a great sense of urgency that we need to adopt in facing this issue,” he added.

Del Rosario, along with other business leaders as well as representatives of the Joint Foreign Chambers, met with House leaders led by Speaker Feliciano Belmonte Jr. for three hours on Wednesday to discuss various pending economic legislation.

Over the last three years, Del Rosario said the country has gained the respect and admiration of a large portion of the world in terms of its improved governance and improved investment grade credit ratings.

“We are being viewed with renewed interest and we must take advantage of it because it is not always that the Philippines is enjoying the situation, and I think we must take advantage of it while it is there,” Del Rosario said.

“I think it is a good time to do it (Charter change) because the rest of the world is interested in us. There are also geo-political developments in parts of the world such as what is happening in China and the impact that it has had on our neighbor Japan, and the fact this has translated, I think, to greater interest of Japan in our country once again,” he said.

Del Rosario said the rising unemployment in the country is emerging to be a worse crisis than the devastation left by Super Typhoon Yolanda and the government must act immediately with everything it has to address the situation.                                 

The latest Social Weather Stations survey showed 12.1 million Filipinos in the country — or over 10 percent of the country’s population — are unemployed. – Mayen Jaymalin