Recto: No mention of Cha-cha as PH woos Australian businessmen

MELBOURNE, Australia - Finance Secretary Ralph Recto said Monday that there was no mention of the economic Charter change amid the Marcos administration's call for Australian business leaders to invest in the Philippines.

Recto told GMA News Online that the Philippine economic briefing at the sidelines of the ASEAN-Australia Special Summit here ''went well.''

''We laid out why Philippines is a profitable place to invest. Many opportunities etc.,'' Recto said in a message.

''No mention of Cha-cha but liberalization of investments in Public Service Act, retail trade, foreign investment, and in renewable energy,'' he added.

President Ferdinand ''Bongbong'' Marcos Jr. earlier said that the planned amendments to the 1987 Constitution should only be limited to economic provisions.

During the Philippine business forum, Marcos highlighted the country’s steadfast commitment to purposeful reforms in the business and investment sector.

He said the measures are in key legislative amendments such as the Public Service Act, Foreign Investments Act, Retail Trade Liberalization Act, and the Renewable Energy Act.

Other legislative amendments include the streamlined business registration, infrastructure development, and the Comprehensive Tax Reform Program (CREATE Act), as well as the overhaul of fiscal incentive structures and responsive policies, including those facilitating public-private partnerships (PPP). 

Meanwhile, asked if the Philippine delegation urged Australian businessmen to invest in the Philippines' Maharlika Investment Fund, Recto said, ''No urging but it’s one of the opportunities.'' —AOL, GMA Integrated News