NEDA chief: High cost of business blocks investments in PHL

The high costs of doing business in the Philippines continues to derail the entry of more investments into the country, National Economic and Development Authority (NEDA) Secretary Cayetano Paderanga said Monday. In a briefing on the Philippine Development Plan 2011-2016, Paderanga said the government plans to reduce costs that have repelled a “high" level of potential foreign businesses from making placements in the Philippines. “We’re doing this by streamlining processes, by cutting red tape," the secretary said. The briefing took place before executives of GMA News and Public Affairs at the GMA Network Center. In an interview after the briefing, Paderanga explained that the government is exploring measures to put up “one-stop shop[s]" for setting up businesses in the Philippines. The Philippines has been losing out to neighboring countries which sell operating requirements like power at cheaper rates. In a survey by the Association of Southeast Asian Nations (ASEAN)-Business Advisory Council, the Philippines also turned out to be the second least attractive investment destination in the ASEAN region. The survey said investors favor countries that provide access to low-cost production facilities, among other things. — Paterno Esmaquel II/VS, GMA News