Senate Minority Leader Franklin Drilon expressed woes at the potential losses the Philippine economy would experience, should Tax Reform for Acceleration and Inclusion 2 (TRAIN 2) commence.
In a recent Senate interpellation of the 2019 budget of the Dept. of Trade and Industry (DTI) held on Tuesday, the senator was quoted as saying, “At least 1,200 enterprises might leave the country due to a sudden shift in the policy, which would cut the incentives given to foreign investors”.
Sen. Drilon said that the TRAIN seeks the government is looking at cutting the incentives given to investors. This poses the risk of foreign investors not expanding their business or worse, simply pull out from the Philippines.
He also stresses that up to 150,000 jobs which were generated by leading investing agencies such as the Board of Investment and the Philippine Economic Zone Authority because of TRAIN 2.
“I see a very dark future insofar as the foreign direct investments (FDIs) are concerned. We will not be surprised if next year, we will still be ‘kulelat’ (at the bottom) again because of the lack of correct policy,” he also said.
