Thanks ManilaB for the article Singapore's aggressive pursuit of foreign investment is another pillar of its overall economic strategy has enabled the country to evolve into a base for multinational corporations.However in any countries Red tape can be a killing factor in any business operation
India, Indonesia and the Philippines have Asia's most inefficient bureaucracies, with red tape a constant blight to citizens and deterrent to foreign investment, a survey done by the Political and Economic Risk Consultancy(PERC).
Most inefficient bureaucracies according to PERC
Rank Asian country Score
1. India 9.41
2. Indonesia 8.59
3. Philippines 8.37
4. Vietnam 8.13
5. China 7.93
6. Malaysia 6.97
7. Taiwan 6.60
8. Japan 6.57
9. South Korea 6.13
10. Thailand 5.53
11. Hong Kong 3.49
12. Singapore 2.53
Singapore still had their fair share of red tape bureaucracy I still remembered the Duck tours Red Tape joke in Singapore
Lee Hsien Loong said in his 2004 National Day Rally:
"These are the Duck and Hippo Tours. You know what's a Duck Tour? It's a boat with wheels where you take a ride, you go into the harbour, you sail around, you come back. The Duck took two years to get a licence -- nearly died. Very difficult because they went to the LTA (Land Transport Authority). LTA says, "Your duck has a propeller, how can it be a car?" They went to the MPA (Maritime and Port Authority of Singapore). MPA says, "Your duck has wheels!" So, ding-dong, it took two years. Eventually, we sorted the problem. The Duck became a success. So, came the Hippo. The Hippo is a bus with no top, okay? So, you sit on top, you drive around. It's just like in London or one of the other Western cities. Question -- Is the Hippo a bus? A very important question because if it is not a bus, it is not allowed to stop at a bus-stop. So, that one we did better. Six months, we solved the problem. I think we have to do better than that."
Posted by ManilaB
On orders of President Benigno C. Aquino III, the government embarks on an aggressive campaign to attract more foreign investments and improve the economy.
More investments mean more business activities and job opportunities.
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The Board of Investments (BoI) says an aggressive campaign will start with the US and Japan, particularly in the business process outsourcing (BPO) and light industries sectors.
More business funds from friendly giants.
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"We will not only do international road shows, we have to undertake sales and marketing campaigns to aggressively invite investors," stresses DTI Undersecretary Cristino Panlilio, managing head of the BoI.
Show 'em the road to RP for a joint trip to prosperity.
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The BoI will widely disseminate RP's Investment Priorities Plan (IPP), listing preferred economic areas that would be entitled to government incentives such as income tax holiday, preferential duty on the importation of capital equipment, and additional tax reduction on labor and training expenses, among others.
Lay down the plan for their better appreciation.
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But the initial investment salvos by the new administration would be in the US and Japan soon, in case President Aquino decides to go on state or official visits with Philippine business delegations.
Let the top two traditional sources bring in more foreign direct investments.
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Panlilio also identifies the BPO and light industries as the government's priority sectors in investment promotion, with the BPO sector promising to employ one million Filipinos by 2012.
Let's create more jobs by being resourceful.
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Likewise, Finance Secretary Cesar V. Purisima says the government eyes for a credit-rating upgrade within the next few years of the Aquino administration.
Rating upgrade means more funds inflow at lower interest.
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The strategy involves enhancing the government's revenue collection and reducing the budget deficit to only two percent of Gross Domestic Product (GDP) by 2013 until 2016, to allow the government to spend on critical infrastructure and social services.
Make the strategy work in our favor.
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"The confidence boost to rating agencies from an improved fiscal position and lower debt levels will lower borrowing costs and contribute to stronger growth, allowing the government to both meet its spending objectives and remain fiscally responsible," Purisima explains.
Let's look healthy before the world.
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Bangko Sentral ng Pilipinas (BSP) officials agree that the country is indeed due for a credit rating upgrade because of declining debt as a percentage of GDP and other favorable developments.
Let the sunshine in for a more robust Philippine economy!
