Sen. Emmanuel “Manny” Pacquiao, a presidential candidate, plans to use his global celebrity to attract foreign direct investments to the Philippines and create jobs for the country’s poor.
Pacquiao said he has at least ten international billionaire friends who are committed to investing their money in the Philippines while touring Bulacan and Metro Manila.
He stated that their only requirement is that he eliminate corruption, which has been a major deterrent to foreign investors, and address the country’s unreliable internet and power supply.
"May mga kaibigan ako na mga malalaking negosyante at mga mayayaman sa ibang bansa na naka-ready na tumulong sa Pilipinas. Ayaw lang talaga nila itong napakatinding korapsyon sa ating gobyerno (I have friends who are big businessmen and rich in other countries who are ready to invest in the Philippines. But they have questioned this intense corruption in our government)," Pacquiao said.
"Mahirap din po talagang makakuha ng investors sa bansa kung ang mga katabing bansa ay nasa 20 porsyento lang ang corporate tax. Kailangan nating pababain ang ating corporate tax at palakasin ang ating non-tax revenues (It's really hard to get investors to come to the country if our neighbor countries are imposing corporate tax at only 20 percent. We need to lower our corporate tax and strengthen our non-tax revenues)," Pacquiao added.
Pacquiao stated that even before the pandemic, which forced many businesses to close, many FDIs had fled to other countries, primarily due to the country’s unfavorable business climate.
Aside from having a very unreliable infrastructure for businesses, Pacquiao believes the government’s reliance on taxes and the inconsistency of economic policies are major turn-offs for potential investors.
Pacquiao stated that if elected, he would ask Congress to enact broad tax reforms to improve the Philippines’ investment climate.
Pacquiao to invite 10 intl billionaire friends to invest in PH|msn.com