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Photo by Mark Perandos/SunStar Davao file
By: IONA FINLAY C. MENDOZA
MORE European countries are expected to open their respective consulates in Davao City soon, said the European Chamber of Commerce of the Philippines Southern Mindanao Business Council (ECCP-SMBC) on July 27.
Chairman Antonio Peralta said during the Wednesdays Media Forum at Ayala Abreeza Mall that most of the new foreign consulates would be from Nordic and other European countries.
“Those consulates that are coming from different countries, especially from Nordic countries like Finland. The Netherlands has recently opened here but there are still upcoming countries,” Peralta said, citing Italy and Switzerland as among the 11 consulates that would open soon.
According to Peralta, these countries and their investors see prospects in Davao City, along with the rest of the Philippines. He also said the recent amendments to the Retail Trade Liberalization Act, Foreign Investments Act, and the Public Service Act attract foreign investors.
The Republic Act (RA) 11595 “An Act Amending RA 8762 or the Retail Trade Liberalization Act of 2000” lowers the paid-up capital requirements for foreign retail enterprises, among others; RA 11647 “An Act Amending RA 7042 or the Foreign Investments Act of 1991” allows foreign investors full ownership of small and medium-sized enterprises; while the RA 11659 “An Act Amending Commonwealth Act 146 or the Public Service Act” also allows full foreign ownership of public services in the country.
“When these consulates come, they are like listening posts advising their respective embassies in Manila that there is this opportunity that they should pursue in Davao or Mindanao,” Peralta said.
The chairman added that ECCP-SMBC, in coordination with the Davao City Investment Promotion Center, has been continuing its efforts to promote Davao City to European countries.
“This is one of the clear dividends that we got under the governance of former Mayor Sara Duterte... We want to see more investments coming in,” Peralta said. ICM
