New Foreign Direct Investments (FDIs) could greatly benefit Small and Medium Enterprises (SMEs) if policies are put in place to balance the influx of new players, asserted CRC President Daniel Rodrigo Reyes earlier this month at an event examining the constitutional reforms that have recently been proposed in the Philippine legislature. Mr Reyes gave the closing remarks at the third session of the “Economic Fora on Opening the Philippine Economy for Recovery,” an event meant to discuss proposed constitutional reforms whose intent is to open up the Philippine economy to more investments.
“We at CRC are hopeful that opening up the Philippine economy to new Foreign Direct Investments through constitutional reforms will greatly benefit small and medium entrepreneurs,” he said.
The event, which was co-organized by the Center for Research and Communication and led by the Philippines’ Department of the Interior and Local Government (DILG), was the third in the series, and focused specifically on mitigating the impact of COVID-19 on Small Businesses.
Financing, Technology, Supply Chains, and Services
“We are hopeful that these investments will give our entrepreneurs better access to financing and to technology,” he continued. “We are hopeful that these investments will empower our entrepreneurs through better supply chains, and by increasing the availability of capital for new businesses.
“And, believing in the impact SMEs have in local development, we hope that these investments will help our entrepreneurs explore the many exciting opportunities to bring key services to the countryside.”
He then noted that there was a need to put policies in place which will make sure these reforms have their intended impact.
Balance is important to achieve inclusive development
“For all these good things to happen, of course, we must not forget to find balance through systems and interventions designed to protect our local entrepreneurs, making sure that new investments lead to inclusive, equitable development… that policies are in place which will empower SMEs to become active contributors to their communities.”
The series, which explores the economic impacts which would take place in various sectors of Philippine society, if the Philippine economy is opened up to more Foreign Direct Investments (FDIs) through a proposed legislation called RBH-2 (Resolution of Both Houses 2), which would allow future congresses to pass laws which would ease constitutional restrictions on foreign ownership of businesses in key sectors. It is co-organized by the Center for Research and Communication alongside the Konrad-Adenauer-Stiftung Philippines Office Office, the Center for Strategy, Enterprise and Intelligence (CenSEI), the Development Academy of the Philippines’ Graduate School of Public and Development Management, Philippine Society for Public Administration, (PSPA), Blueprint.PH, and is led by the Philippines’ Department of the Interior and Local Government (DILG).
The next event in the series, which focuses on focusing on “Better Telecommunications for the New Normal,” will take place on June 25, 2021 at 9:00AM. Interested participants may register for the event at tiny.cc/DILGKASEconFora4 or https://bit.ly/3g9dTtX.
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