Travel Agents reject too much foreign investment
The Philippine Travel Agencies Association (PTAA) has opposed new legislation that will affect foreign ownership of resorts and other tourism businesses.
Foreign business chambers are lobbying the government to dissolve current 40% ownership restrictions on companies in the Philippines. However PTAA President Aileen Clemente warned against it. “Allowing foreigners to own properties and have a majority stake will lead to uncontrolled development in the country’s tourism industry,” she complained. Instead she wants to see support and incentives for local companies instead. “Philippine companies have the same capabilities as their foreign counterparts and they have a better understanding of what is needed to be done,” Ms Clemente told Business World Online.
Foreign proponents of liberalisation suggest that the country should relax investment rules to become regionally competitive as an investment destination. “It is time for the Philippines to open up its economy and create jobs for all Filipinos, not just keep good opportunities for the wealthy,” commented Robert Sears, Director of External Affairs of the American Chamber of Commerce of the Philippines.
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