NEDA chief calls on LGUs to be friendly to investors

CEBU, Philippines — Local government unit executives are called to craft friendly investment policies to attract more investments and boost economic progress.

National Economic and Development Authority (NEDA) secretary Ernesto Pernia said LGUs need to open up to investors instead of making it difficult for businesses to operate in their respective localities.

In his recent visit to Cebu, Pernia reminded LGUs to prioritize progress and check the existing policies if they still work in this modern environment, much more if the town has attractive investment packages that lure investors.

Implementing laws and ordinances that encourage businesses to thrive and investors to pour in investments is important for residents to feel the bullish economy of the country in general.

The economic chief warned LGUs that it is forbidden to prevent businesses from coming into their towns because there is a competition law, which allows businesses to enjoy a level playing field. 

He cited one of the cities in Region 7 that reportedly discourage retail or mall developers and operators to come in and do business in the city.

Pernia called the attention of the business community in Cebu telling them to cash in on more investments as the country is performing its best economically and the promising forecast is seen to sustain in the long term. 

The Asian Development Bank (ADB) projected that the Philippine economy will grow by 6.8 percent for 2018 and 6.9 percent in 2019, higher than its full-year average of 6.7 percent in 2017.       

Rising domestic demand, remittances and employment on top of infrastructure spending are seen to drive the country’s growth.

This positive outlook should be exploited by LGUs by opening their cities and municipalities to economic drivers and provide more employment and revenues to their respective localities.