Entrepreneurs will have it good under Sen. Manuel “Manny” Villar Jr.’s administration if he wins as president in 2010.
The billionaire senator plans to invest heavily on developing a “strong entrepreneurial class” by funneling credit to small and medium-scale enterprises.
“We have to multiply [the number of entrepreneurs] a hundred times. We need an entrepreneurial revolution,” Villar said at Tuesday’s Philippine Chamber of Commerce and Industry (PCCI) forum where he presented his economic platform.
A key part of his business agenda is promoting labor-intensive industries like mining, tourism and the hospitality industry.
Villar, like other presidential candidates, promised to reform the banking system, punish corruption, improve tax collection and increase foreign investments.
He claims his edge over other presidential aspirants, however, is his “extensive” business experience and managerial ability.
The senator owns a variety of real estate and building companies with his wife, Las Piñas Rep. Cynthia Villar.
He first delivered seafood in Makati City before going into the gravel and sand delivery business. Eventually, he set up a home building business that specialized in low-cost housing.
Now, he is the country’s richest senator, with an estimated net worth of P1.046 billion in 2008.
Here is a summary of Villar’s answers to economic issues raised at the forum:
Plans for sustainable job creation, retention and decent employment. Focus on doing a better marketing job for businesses and industries that are labor-intensive (business process outsourcing, tourism, agriculture and infrastructure). Small and medium-scale entrepreneurs must be provided with funds.
How to reduce hunger and alleviate poverty. Faster economic growth means a rise in GDP (gross domestic product) so that has to be monitored. Focus on job-creating industries, entrepreneurial revolution and addressing food security and poverty. Create safety nets for the poorest of the poor through cash transfers, for example.
Stand on taxes. Look for leakages, improve tax collection efficiency, and finance certain specific objectives. Taxes will be raised as a last resort and only if need be. But Villar “will not hesitate to raise taxes rather than be fiscally irresponsible.”
Stand on redundant or “irrelevant” agencies (like National Food Authority, Sugar Regulatory Administration and Laguna Lake Development Authority). NFA must be reviewed if it is doing its function. It can be reformed. The beauty of addressing agriculture is that the country will not need to import [goods]. Agencies like NFA and SRA are losing a lot of money. Corruption has to be stopped. As for the LLDA, Laguna Lake should be developed since it is a good source of water. We have to develop the dike system built by the Dutch and carry it to Calamba, then build an expressway from Calamba to Tagaytay. This can be done if LLDA is focused on this objective.
How to balance low-power costs for consumers and profit for energy producers. The Energy Regulatory Commission should be manned by independent people so investors will see that there is a level playing field. The EPIRA law must be reviewed. The power industry is very productive, investors must see that things will be fair.
Stand on CARP. It’s not sufficient that you give farmers land, you have to give them [financial] support. Like Atty. Gilbert Teodoro said, the farmer [beneficiaries under CARP] must not be made to pay their debts.
On slapping back taxes (in the case of Pilipinas Shell). Villar did not want to comment on a case that is still pending in court, but retroactive taxes should not be done. Certainly, this will not encourage foreign investments. If you change laws, it has to be proactive and not retroactive.
How to promote mining and other industries that are “impeded by too many regulations.” There is no serious problem with the laws, the problem is in the implementation of these laws.
How to help exporters who have been hit by the global economic crisis. Interest rates should be monitored so exporters can be competitive. Exchange rates can only be influenced for a short period of time. After smoothing fluctuations in exchange rates, exporters have to be provided with low-interest loans. When the world recovers financially, we can recover as well and find new markets instead of focusing on traditional markets.
How to address smuggling. Clear up corruption in police and customs agencies. There should be a department in police that runs after smugglers. All options should be considered, like a point of origin review.
Stand on foreign ownership of land, media, education, practice of professions and services. Villar said changing this provision of the Constitution is not important at the moment in terms of solving poverty and helping the country recover. But if the people agree to a Constitutional amendment, he is open to it. The Filipino people should decide on these issues.
How to address the gap between national savings, domestic investments and dollar investments vis-à-vis our dependence on OFW remittances. The goal is that Filipinos should not need to go to other countries to work. But in the meantime, OFWs should be protected through safety nets. We should look at dollar remittances and see why the money is not moving to investments. Most of these remittances are not used for the good of the country. That’s why there is a need to have an entrepreneurial revolution so that small and medium-scale entrepreneurs can get a taste of these investments from OFW remittances. Report by Kristine Servando, Newsbreak.
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