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| Teddy Baguilat's blog |
I don't REALLY mind if the Liberal Party of the Philippines will win again IF they have a good platform. However, I'm really wary of what Teddy "Dancing Boy" Baguilat Jr. really said about economics between Philippines and Vietnam. He's against the economic charter change which he said the following which makes me cringe if he's got too much dancing going in his head...
I guess this statement is made by sheer ignorance and to think he's a lawmaker. He mentions that Vietnam has limits on foreign equity and no land ownership. I wonder does he think that 60-40 is about land ownership?! I'd be amazed if he did. This statement is partly made from ignorance. It's true that the late Noynoy Aquino did make SOME important amendments that helped make the economy better. However, the 60-40 provision still exists for SOME industries. I wonder does he think that Vietnam's restrictions are as restrictive as the Philippines?
The restrictions with Vietnam is the ABSENCE of land ownership for foreigners. Apparently, it's because Vietnam still believes in communism regarding land ownership. However, Vietnam DOESN'T force foreigners to be subjected to own 40% of their business in any industry. He needs to ask himself how he'd like it if he rented a space and he was subject to only own 40% of that area. Who in the right mind would rent a space if their lessor would demand for 60% of the net income in that branch? Vietnam doesn't lease its spaces to foreigners to such a ridiculous restriction. Instead, Vietnam allows foreign investors to do business except to own land. Foreigners are still treated like tenants. Any landowner has the right not to sell his or her space. However, a landowner has NO RIGHT whatsoever to demand for 60% of the tenants' profits in a commercial space.
What I want to raise up is this. I don't want to deny Noynoy did improve the economy by easing restrictions on certain sectors. However, it's still worth a headscratch why Noynoy didn't decide to (once and for all) get rid of the excessive restrictions in other sectors such as utilities? I mean, the Philippines could be able to do better with the utilities such as water, electricity, and Internet with foreign investments. Faster, cheaper services will be done. I mean, what foreign investor would want to own only 40% in the Philippine branch if they can get at least 50% and above in other places?
I decided to write this due to his recent announcement of candidacy again. This time,he's running with Vice President Leni Loud Robredo, Senator Francis Pangilinan, Atty. Chel Diokno, Antonio Trillanes IV, Liela Dilemma, Risa Hontivirus, and Bum Aquino. The big issue is not the Liberal Party is running again. The problem is if they still refuse to do a complete system overall. The same is true for him if he doesn't see the difference between Vietnam's restrictions vs. Philippines' restrictions regarding foreign investors.
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