More jobs to keep Pinoys home, lawmakers told

An economy stimulated by foreign investments could lead to the generation of more local jobs so that Filipinos will no longer seek work abroad, a former overseas Filipino worker (OFW) said during deliberations of Resolution of Both Houses No. 7 by the House of Representatives' committee of the whole on Wednesday.

- DELON PORCALLA

"Economic liberalization will mean more foreign investments, and OFWs will come home. Foreign investors are welcome in other countries. In the Philippines, they are not welcome," former OFW Orion Dumdum told lawmakers.

"The lack of foreign direct investments creates joblessness and other pressing social issues. The lifting of these restrictions will bring the jobs to the Philippines," he said, calling on congressmen to remove the protectionist policies in the 1987 Constitution.

"The effect of reducing foreign equity restrictions is the strongest, denoting its relatively greater importance as a statutory barrier for investors," Dumdum said, quoting the Organization for Economic Cooperation and Development, which has ranked the Philippines as among the most restrictive economies.

"That's the reality, even the Joint Foreign Chambers have repeatedly said they want these restrictive economic provisions in the Constitution out. These restrictions are very discouraging for their countries. These restrictions have to go," he added.

"Electricity, transmission side. We should have more advanced technology, more efficient distribution. These are the root cause why electricity is expensive.

Delete all anti-foreign restriction caused by these," Dumdum stressed.