11/11/2012

New Philippine rules on foreign ownership flowing from a court decision drew fire from foreign chambers of commerce, which said the rules will inhibit the nation's growth. "Every step to curtail foreign investments at a time when we clearly are bypassed by FDI compared to our neighbors, and at a time where we are recognized as a potential investment haven, must be seen as a step in the wrong direction," said Henry J. Schumacher, vice president of the European Chamber of Commerce of the Philippines.

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