WHAT THE PHILIPPINES' NEIGHBOURS HAVE DONE, THAT IT HADN’T DONE YET: Vietnam now allows 100% foreign ownership of a business in most industries — trading, IT, manufacturing and education. Malaysia has scrapped restrictions on foreigners in industries from IT consultancies, tourism and freight transportation, as well as healthcare, retail, education and professional, environmental and courier services. Thailand allows, through the treaty of Amity Company, 100% ownership. Why not the Philippines? It goes back to the 1986 Constitution, which imposes a 40% foreign ownership limit on key industries. It guarantees that the Philippines will be a laggard in attracting foreign direct investment (FDI), which has far-reaching effects on the economy. Photo shows Manila's poor residential district and squatter colonies forming the foreground for its high-rises.
Reuters