Bello clashes with Tito, Kiko on helping 'small businesses' while 'favoring' foreigners

Vice presidential candidate Professor Walden Bello on Saturday questioned Senate President Tito Sotto and Senator Kiko Pangilinan's resolve to help small businesses amid the COVID-19 pandemic.

At the vice presidential debate organized by CNN Philippines, Bello called for the repeal of Foreign Investment Act and Retail Trade Liberalization amendments which he said favored foreigners.

“We have had all these foreign-oriented laws that have been passed recently and Senate President Sotto was the one who pushed them through Congress and Senator Pangilinan also signed," Bello said.

 So, paano ‘yan? Sinasabi niyo na for Filipino kayo [How is that? You’re saying that you’re for Filipinos] and then you’re liberalizing all these laws,” he added.

Bello has claimed that the foreign investment lobby “rammed through” amendments to the Retail Trade Liberalization Act and the Foreign Investment Act which he believes using the pandemic as an excuse. 

Bello said that he and his running mate for president Leody de Guzman would allocate a P250 billion emergency fund for MSMEs.

“Pero hindi sapat ‘yan [that's not enough]. We need to bring back a country that really deserves our medium small industries na nakakakain na ng mga foreigners," Bello said.

"‘Yung sabi nga ni Senator Sotto [said] ay he tries portraying himself as independent of the duterte administration, that’s not true,” he added.

Pangilinan responded by mentioning Vice President Leni Robredo and his program to provide P100 billion for the small enterprises.

"We have to strike a balance that's why we are putting a P100 billion assistance for small and medium enterprises as we also allow investments from abroad  to come in so it's a balance," Pangilinan said.

Sotto explained that the Retail Trade Liberalization law is to uplift the economy of the country.

“Madaling mamintas sabihin bakit binaba ang ano. We have lowered the threshold for those who want to invest, foreign investments because that is the way to open up the economy," Sotto said.

"Hindi pupuwedeng yung sitwasyon lang natin ngayon ang mangyayari. Because in our case, we have a stop gap measure,” he added.

[It’s easy to criticize why it was lowered. We have lowered the threshold for those who want to invest, foreign investments because that is the way to open up the economy. Our current situation cannot be the only thing that can happen. Because in our case, we have a stop gap measure.] 

If elected Vice President, Carlos Serapio said he would effectively implement the Bayanihan 2 Law to assist struggling business owners under the MSMEs.

"The incoming administration will have to abide not just by the law but will have to use the funds that have been budgeted under the GAA. Angg magagawa lang namin ay sumunod lamang sa tinatadhana ng batas at ipatupad namin nang mahusay," Serapio said.

Serapio however pointed out that research and development was only given P10 million budget under the Bayanihan Law, while bicycle roads were alloted more than a P1 billion budget.

"Tingin namin sa aming panukala sa transisyon, research and development ay dapat bigyan ng mas maraming halaga," Serapio said. —Giselle Ombay, Anna Felicia Bajo, Hana Bordey, and Jamil Santos/NB, GMA News