MANILA, Philippines — Former defense secretary and senatorial aspirant Gilbert “Gibo” Teodoro said Philippine embassies could further help in attracting more foreign direct investments (FDIs) to the country by putting up one-stop shop for investors in embassies.
Teodoro said Philippine embassies across the world should also be utilized as investment houses to scout for potential investors and process their investments.
“The one-stop shop for investors, right within the embassy, is very timely as traveling to other countries remains a challenge for investors around the world because of uncertain travel restrictions due to COVID-19,” he said.
The one-stop shop in Philippine embassies for investors should be a confluence of requirements and processes being asked by various national government agencies down to local government units.
“The government should maximize its embassies and foreign missions by making them as frontliners in promoting the Philippines as an investment destination. In order to realize these foreign investments, we should facilitate ease of doing business by establishing (one-stop) shops in our embassies around the world,” Teodoro said.
Teodoro, a former Tarlac congressman, added that seamless transactions in the government will encourage more investors to look into setting up their businesses in the Philippines.