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Pacquiao to invite 10 intl billionaire friends to invest in PH

The Manila Times logo The Manila Times 18/11/2021 Javier Joe Ismael

PRESIDENTIAL aspirant Sen. Emmanuel "Manny" Pacquiao will use his global celebrity status to lure foreign direct investments to the Philippines and provide jobs for the country's poor.

Going around Bulacan and Metro Manila, Pacquiao said he has at least 10 international billionaire friends who are committed to investing their money in the Philippines.

He said their only condition is for him to get rid of corruption, which has been a big turn-off for foreign investors and address the country's unreliable internet and power supply.

"May mga kaibigan ako na mga malalaking negosyante at mga mayayaman sa ibang bansa na naka-ready na tumulong sa Pilipinas. Ayaw lang talaga nila itong napakatinding korapsyon sa ating gobyerno (I have friends who are big businessmen and rich in other countries who are ready to invest in the Philippines. But they have questioned this intense corruption in our government)," Pacquiao said.

"Mahirap din po talagang makakuha ng investors sa bansa kung ang mga katabing bansa ay nasa 20 porsyento lang ang corporate tax. Kailangan nating pababain ang ating corporate tax at palakasin ang ating non-tax revenues (It's really hard to get investors to come to the country if our neighbor countries are imposing corporate tax at only 20 percent. We need to lower our corporate tax and strengthen our non-tax revenues)," Pacquiao added.

Pacquiao said that even before the pandemic which forced many businesses to shut down, many FDIs have moved elsewhere primarily because of the country's unpleasant business climate.

Aside from having a very unreliable infrastructure for businesses, Pacquiao said the government's reliance on taxes and the instability in economic policies are a big turn-off for potential investors.

Pacquiao said that once elected, he would ask Congress to legislate sweeping tax reforms to foster a better investment climate for the Philippines.

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