THE European Chamber of Commerce of the Philippines (ECCP) hoping that the government will remove foreign ownership and other restrictions covering the construction industry.
“The Chamber is hoping that Congress and this administration is going toward removing the economic restrictions in the construction industry. We are hoping that they will change the guidelines of the Philippine Contractors Accreditation Board [PCAB],” ECCP President Guenter Taus told reporters on Wednesday.
“We have limitations in the engineering part of what foreign firms can do in the Philippines. There’s a 60-40 rule, and in order to get it done you need to get a PCAB license in order to legally operate and that’s a challenge for multinational companies,” Taus added.
The Philippine Competition Commission (PCC) earlier said that around P210 billion more would be invested in the private sector if the government changed licensing rules for the construction industry.
The PCC renewed a call to address nationality distinctions that provide more flexible rules for domestic contractors while restricting the access of foreign ones.
The commission also said that opening the market to more players would invite additional investments while also boosting the public sector through knowledge transfer and the use of new technologies.
Source: Raadee Sausa, The Manila Times