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NEWS UPDATES 19 August  2010

Philippine private sector waits

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Philippine business groups are asking the Aquino administration to put in place a tougher anti-smuggling campaign as well as other policies to support the investment climate.

Two leaders urged an anti-smuggling bill and the inability of the previous administration to curb oil as well as vehicle smuggling at the Subic Bay Freeport Zone.

Other suggestions from business included stable macroeconomic policies and additional power generation projects to bring down electricity costs.

He said President Benigno Aquino 3rd should “commit” to implementing market-determined pricing as well as forming a “firm and intelligent” regulatory oversight body to look into power projects.

The mining industry’s potentials likewise have yet to be tapped because of a still undetermined government policy on the sector, del Rosario said.

The government also needs to rationalize the country’s tariff structure vis-à-vis its Association of Southeast Asian Nations (Asean) neighbors “so we can be truly competitive with them.”

Socioeconomic Planning Secretary Cayetano Panderanga admitted that the government has a credibility problem, but said the Aquino administration will change this perception.

He said the government is set to implement reforms to attract private sector funding for the country’s huge investment requirements in infrastructure over the next six years.

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