Mabuhay Filipino Thinkers,
In relevance with the recent People’s Initiative happening now 8/25/2014 at Luneta Park.
We would like to share with you a very timely and open suggestion to the national government to lure more investors to inject more FDI in the Philippine economy popularly known as “Foreign Direct Investments”.
This is in response to the recent article at Interaksyon Online News that we lagged again for the nth time behind our Asean neighbors on the aspect of FDIs.
( To learn more : http://www.interaksyon.com/article/93872/its-not-surprising-that-ph-lags-in-fdi-among-asean-neda-chief-explains-why )
Our take on this is simple,
On top of other initiatives to open parts of the economy to the foreign ownership and improve basic social services and infrastructures,
Let the Department Of Tourism ,Department Of Finance and Bangko Sentral ng Pilipinas do an international roadshow with President Noynoy Aquino and other senior ministers in the Govt to “reintroduce and market” to the world our best banking laws that will make Switzerland, HK and SG envy us and will directly lure international “investors” to park their foreign deposits in the Philippines empowering our local banks, economy to be more capitalized.
2 of the best and strictest bank secrecy laws in the whole world are available in the PHL since 1955 and was strengthened further during 1977!
1) Foreign Currency Deposit Act of the Philippines (FCDA), otherwise known as Republic Act No. 6426, legacy of former President FM.
“The FCDA makes the revelation of foreign currency details unlawful, except upon a written permission of the depositor.”
2) The other law is the Bank Secrecy Law (Republic Act No. 1405) enacted on Sept. 9, 1955.
“RA 1405 declares all deposits absolutely confidential, with the exceptions of: written consent of the depositor; in cases of impeachment; upon order of a competent court in cases of bribery or dereliction of duty of public officials; or in cases where the money deposited or invested is the subject matter of the litigation.”
That’s the answer! Strictest bank secrecy law in the whole world is available in the PHL!
( To learn more : http://newsinfo.inquirer.net/147567/ph-bank-secrecy-laws-strictest-in-the-world )
Let’s get a bite of the huge foreign deposit in the whole world esp. now Switzerland is bound to lose tons of their high net worth clients because of their recent revamping of their Bank secrecy laws. Singapore and Hong Kong are doing it already, why not join the big league?
Edwardo Miguel Guevarra Roldan
Isang Samahan, Isang Pilipinas (ISIP) and Think Philippines!
0927 646 0088 – GLOBE
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