Norwegian Ambassador: Allow Foreign Ownership

Foreign businessmen are supporting the Charter change
(Cha-cha) but only with regards to amendments in the economic provisions.

    The government should reconsider its position on banning
foreigners from owning land in the country if they would like to encourage more
investments, a Japanese businessman said.

    The Norwegian Ambassador Stale Torstein Risa said the
country must change its constitution and allow foreigners to own land. “The
60-40 ownership rule is a hindrance to investments,” Risa said in a previous

    “If the Philippines
would like to be competitive then you should allow foreign ownership. The Philippines
will be a good solid business environment if the 60-40 rule is removed,” the
Ambassador added.

     Risa said this is the time for the Philippines to
improve itself in order to attract the attention of foreign businessmen because
fellow ASEAN countries are also aggressively seeking out foreign investments.

     Risa said investors would be more comfortable to put in
their money if they are the owners of the property.

     Risa said investors, especially those that need to build
expensive infrastructure must feel secure in their investments. He said not
owning the land is a major concern and may lead businessmen to be more cautious
in infusing their money in the country.


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