To be at the forefront of selling the Philippines as a retirement haven and premier healthcare destination for retiring executives and those in need of medical attention is nothing short of a monumental task.
Finance Secretary Cesar Purisima, in a meeting with senators yesterday, agreed to scale down from P60 billion to P40 billion the revenue target from the Palace-endorsed "sin" tax bill imposing higher excise taxes on all cigarette brands and alcoholic drinks, a senator privy to the caucus said.
Senator Franklin Drilon, a staunch ally of President Benigno Aquino III, was named chairman of the Senate ways and means committee Tuesday, and vowed to come up with a sin tax bill that came closer to the P60 billion in extra revenue the Finance Department wants.
The Philippine Chamber of Commerce and Industry feels that trade agreements will help the country attract more investments.
European businessmen are beginning to look at the Philippines again despite some soured investments in the past, the latest one a $200- million aviation equipment supply of a French firm that has been put on hold.
In the wake of the controversies generated by the sin tax reform bill, European businessmen said the Philippines should comply with a ruling of the World Trade Organization (WTO) or face retaliation from the European Union.
Dismayed over the Senate sin tax version, the European Chamber of Commerce and Industry has warned that the country's exports of tuna and its benefits under the Generalized System of Preferences (GSP), which grants duty-free entry of exports to Europe, would face retaliatory action saying the Senate version does not comply with the ruling of the World Trade Organization.
European businessmen are now moving forward in their investment plans in the Philippines as they see a fresh start in the economic relations between the Philippines and Europe with the forthcoming visit of French Prime Minister Jean-Marc Ayrault, the first European head of state to visit the country in many years.
Italian companies have expressed their interest to invest in the Philippines and participate in the country's Public-Private Partnership (PPP) Program eyeing smaller projects.
NO ANNEXES YET: With the debate and the writing of annexes still ongoing, why is Malacanang rushing the signing on Monday of the government’s transition agreement with the Moro Islamic Liberation Front for the creation of an enlarged autonomous Bangsamoro in Mindanao?
A system allowing patients’ medical records available in all hospitals is being developed, with a health coalition made up of foreign Chambers of Commerce readying initial implementation by next year.
The Retirement & Healthcare Coalition said the project, composed of the American, European, Japanese and South Korean chambers in the country, is part of initiatives to make the Philippines a preferred haven for foreign retirees.
Serving the European-Philippine business community since 1978, the ECCP remains committed to enabling cross-sector collaboration, promoting economic growth, and championing a sustainable future. For inquiries or further information, you may contact us directly or connect with us through our official social media channels.