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MANILA – Potential investments to the Philippines that were set aside amid the pandemic are expected to push through with the easing of restrictions for foreign travelers, a trade official said Monday.
During the Laging Handa briefing, Department of Trade and Industry (DTI) Undersecretary Ruth Castelo said many investments were put on hold since the coronavirus disease 2019 (Covid-19) pandemic struck, and among the reasons is the strict policy in the country for foreign travelers.
Starting this week, the country will scrap the facility-based quarantine for foreign nationals arriving in the Philippines.
Foreign travelers are expected to present a negative result of reverse transcription-polymerase chain reaction (RT-PCR) test done 48 hours before arrival.
Castelo said many business activities from foreign sources were delayed since the onset of the pandemic, such as bringing in equipment for their facilities, business missions, and sending foreign experts for their operation here.
The country’s reopening to foreign travelers will also align with the enactment of the retail trade liberalization law as many foreign investors are expected to visit the Philippines to look into opportunities in retail trade.
“More foreign investments translate to more jobs for Filipinos,” Castelo said. “If there are foreign investments, we also expect that our micro, small and medium enterprises will also benefit as we ease restrictions for foreign travelers.” (PNA)
