The current government of the Republic of the Philippines, now nicknamed 'the rising tiger of Asia', said that it will develop and promulgate laws that will enhance the current bustling foreign investment atmosphere in the country. Under the presidency of Beningo Aquino III, the administration said that it will lift restrictions on foreign investments in different industries.
According to the Director General of the National Economic and Development Authority Arsenio Balisacan, the leadership of the president and his Congress realize the importance of "changing the rules of the game."
Balisacan is the country's Secretary for Socioeconomic Planning. He followed his initial statement, saying that Aquino is keen to introducing the local economy to foreign backers without making any changes to the Constitution of the nation.
"We believe a big part of current restrictions can be amended only by issuance of laws and without amending the Constitution. We want to make a strong case in Congress for changing some laws," said Balisacan.
The country grew by an astounding 6.8% last year, and a record-breaking 7.8% in the first quarter of 2013.
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