DAVAO City business leaders said they support allowing foreign investors in the country to “improve business and investment promotion” in the city.

“We believe in principle that opening up the economy to more foreign ownership will improve business and investment promotion,” Davao City Chamber of Commerce and Industry, Inc. (DCCCI) said in a statement.

DCCCI stated that by allowing foreign investors in the country, it will allow more earnings and technologies to sprout in the country, thus further investments will also enter the Davao Region.

They also added foreign investors must also be allowed, especially for manufacturing and processing industries, which stayed afloat and saw continuous operations during the pandemic.

“That said, the ownership of crucial job generating manufacturing and processing industries should be liberalized further. The same liberalization should be allowed for educational institutions so that we can access new knowledge, research capabilities and technology from foreign schools in the same way our neighbors have to develop our human resources for the future economy,” DCCCI said.

DCCCI also said foreign investors and ownership should also be increased in the logistics and transport sector.

“Liberalizing the logistics and transport sector must also be a priority so that we can have more players that can ship our goods at lower cost,” DCCCI said.

DCCCI President John Carlo Tria is one of the supporters of changing economic provisions to the existing 1987 Constitution, one of which is to allow more foreign investors in the country.