The Public-Private Partnership (PPP) Center of the Philippines on Monday launched the P4.355 million Development of Foreign Investment Framework Project to spark an increase in foreign investment.
"This project will facilitate the legal and institutional push to further build a favorable PPP business environment for foreign investors," Frances Yani P. Domingo, PPP Center officer-in-charge, said during the project launch in Makati City.
It will be funded by a £90,112 grant from the United Kingdom, and will focus on how foreign investors can structure their investment in the Philippines.
Central bank data showed that the jobs-generating foreign direct investments (FDI) posted a net inflow of $503 million in July – President Rodrigo R. Duterte's first month of in office.
"The project is focused and aligned with two of UK's priority areas in the Philippines and in the ASEAN (Association of Southeast Asian Nations) region namely infrastructure and finance," Domingo said.
The framework will be developed by a technical working group in December.
The final draft will need an executive order from the President as well as a PPP Governing Board policy circular or incorporated into the guidelines of partner institutions such as the Securities and Exchange Commission.
It will then be translated into inputs to the PPP Act and its implementing rules and regulations. — VDS, GMA News