In his first ever State of the Nation Address (SONA), Pres. Benigno Aquino III highlighted the need for the Philippines to be more investor-friendly in the light of the severely depleted government budget he inherited from his predecessor, former president and now Congresswoman, Gloria M. Arroyo. Arroyo did not attend the SONA and was reportedly in Hong Kong
According to Aquino, he has given marching orders to the concerned departments dealing with local and foreign investors to simplify their processes to make starting up new businesses and putting in investments in the country a whole lot easier. He said what used to be a 16-page requirements form will now be reduced to 6 pages and that he has mandated the simplification of other processes as well.
It will be remembered that during the campaign period Aquino vowed that there will be no new taxes during his term. This has put his administration think-tanks’ creativity in full-throttle as far as coming up with new ways to raise funds for the rest of his 6-year term.
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