MALACAÑAN PALACE
MANILA
BY THE PRESIDENT OF THE PHILIPPINES
[ Memorandum Order No. 249, August 6, 1971 ]
ESTABLISHING AN INTERIM INTER-AGENCY WORKING GROUP AND TECHNICAL STAFF FOR THE STUDY OF FOREIGN INVESTMENTS IN PHILIPPINE ECONOMIC DEVELOPMENT.
WHEREAS,there is an urgent need to inquire into the true benefits and costs of foreign investments for our country’s economic development, with special reference to the various forms of foreign investment and its desire-ability;
WHEREAS,appropriate studies in this context are necessary for the purpose of designing development-oriented policies, and for the efficient application of existing policies, regulations and legislation;
WHEREAS,appropriate bodies are required to coordinate the effective implementation of this inquiry;
WHEREFORE, there is hereby constituted an Interim Inter-Agency Working Group, and a corresponding Technical Staff, to carry out and undertake the activities related to this inquiry,, The Interim Inter-Agency Working Group shall report the results of its inquiry and studies and recommendations on policy within a period of six (6) months from to-day«,
The. Interim Inter-Agency Working Group shall be composed of the following officials:
Hon. Vicente T. Paterno
Chairman, Board of Investments |
Chairman |
Hon. Cesar Virata
Secretary of Finance |
Member |
Hon. Gerardo P. Sicat
Chairman. National Economic Council |
Member |
Hon. Apolinario Orosa
Director-General, Presidential Economic Staff |
Member |
Hon. Eliseo Villamor
Undersecretary of Commerce & Industry | £A⩊phi£
Member |
Mr. Gabriel Y. Itchon
Director, External Debt Management Office
Central Bank |
Member |
The Working Group’s Technical Staff shall be composed of appropriate expert-representatives from the following agencies, as may be so designated by the agencies concerned:
Department of Finance
Board of Investments
National Economic Council
Presidential Economic Staff
Department of Commerce and Industry
Central Bank of the Philippines
Development Management Staff, Executive Office
The study will cover, among others, the following areas of inquiry:
a) Benefits and costs of foreign investments in each of the major industry areas in which such investment was important and significant?
b) The annual flows of foreign investment, disinvestment and outward remittances. These flows should not be merely in the aggregate for each year, but should be analysed by industry and nationality of the foreign investor. Distinction should also be made between fresh inward remittances of funds and the plowback of funds generated from operations in the Philippines. In this connection, investments of Philippine residents of foreign nationality should also be segregated for analysis.
c) Survey and interpretation of the views of foreign investors, existing and potential, on the current climate for foreign investment in the Philippines. Identification should be made whenever possible the specific regulations, laws and official policies, or changes therein, which existing and potential investors consider to be the most important contributors or elements of such climate and its changes, from 1950 to the present. The views expressed would be examined in correlation with the objective existence of features in the cited laws, regulations and policies cited as affecting the investment climate.1aшphi1
d) They should also attempt to quantify the probable needs for foreign investment in various industries, distinguishing between loans and equity; and make a projection from historical data of the probable amounts of equity investments in future years under the current investment climate.
The Working Group is hereby authorized to call upon all government departments, bureaus, offices and agencies for such assistance as it may deem necessary in discharging its functions, and the same are therefore hereby enjoined to assist and cooperate with the Working Group and its Technical Staff in order to ensure the successful conduct of this inquiry.
This circular takes effect immediately.
By Authority of the President:
(Sgd.) ALEJANDRO MELCHOR
Executive Secretary
Manila, August 6, 1971
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