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| Whoever made this meme is laughable! |
It's really laughable at the extent people will defend the Filipino First Policy. Some people even make the late Carlos P. Garcia some kind of hero (and he's buried at the Libigan Ng Mga Bayani, translated as Heroes' Graveyard). Eventually, the late Ferdinand E. Marcos Sr. was laid beside him in that same graveyard. Not exactly ironic if you think that Marcos Sr. himself used economic protectionism as part of his policies.
The UP School of Economics states that the first Marcos Administration was heavily protectionist. Under the second Marcos Administration under Ferdinand R. Marcos Jr.--the talk for economic charter change is there. It gets clouded with talks about how economic charter change means giving the Philippines to China (and the same gossip is said to federalism, and China is a unitary state), doing Ad Hominem attacks on Senator Robinhood Padilla (read here), and saying that it will just allow POGO, Chinese spies, and Filipino collaborators to put the Philippines under Xi Jinping's iron-clad dictatorship.
I'm both angry and amused whenever I read ignorant statements about FDI. Take, for example, how people often say it's all about corruption in government, not FDI ownership restrictions. Never mind that Vietnam's current president To Lam ate gold-coated steak in Salt Bae's overpriced restaurant in London in 2021 (read here). Some people even say that FDI equals debt (read rebuttal here), that it's all about Filipinas dating foreigners (read why it can't be here), and confusing investment with imperialism (read rebuttal here). The statements can go on and on. When I ask them for answers, they end up hurling insults instead of real arguments. An arrogant fat guy (I will not expose him directly) even said that it's Chinese neo-colonialism (using economic, political, cultural, or other pressures to follow them, such as some Western superpowers and the Philippines). The same fat guy even claims GCash, a Filipino-made application, is Chinese. The claim that Chinese businesses have dominated the whole world (maybe this arrogant fat guy needs to watch China Uncensored or update on Vietnam) is really absurd. If Chinese businesses fall, it's because of the arrogance of the Chinese Communist Party (CCP).
The excuse not to open up the economy to allow 100% FDI business ownership (that is, all about their shares of business) is because of China. Please, it's not as if legislation can't be passed such as updating data privacy laws, modifying taxation laws depending on how the economy performs, raising the minimum wage whenever applicable, and labor laws. It's not as if China's the only country in the world that provides FDI. It's ironic how Vietnam, a country that flaunts the Communist flag everywhere you go, actually understands better. Doi Moi has been better than the Filipino First Policy. The Vietnam Briefing says Vietnam allows 100% FDI ownership except for a select few industries. The Vietnam Embassy tells us that for the select industries on the negative list--they need a minimum of 30% but they can own more than 40% or even higher. That's different from what the Official Gazette of the Philippines says about the Philippines FDI restrictions!
If one really looks at Filipino businesses, some of them have already hit foreign territory. Take Jollibee with how it has expanded worldwide (read here). Joel Torre has already opened his grill business in Singapore (read here)--the very city often vilified for its supposed wrongful execution of Flor Contemplacion. Filipinos can survive competition, evolve, and some may become MNCs. What also needs to be emphasized is that when Filipinos invest abroad--they're bound to the laws of the countries they invest in. FDIs aren't a form of neocolonialism. MNCs can invest here and there but they must follow the rules of that country. If Jollibee should invest in a Muslim country--it should never serve pork. If Jollibee should invest in a Hindu country or Buddhist country--it should never serve beef.
Besides, a good list of MNCs would tell us that many of them don't come from China. Let's think of some FDIs that are currently invested in the Philippines which aren't Chinese brands:
- American brands: Mcdonald's, Kentucky Fried Chicken, Wendy's, Burger King, Coca Cola, Apple, LG, Epson, Lexmark, JP Morgan, Pizza Hut, Shakey's, Kenny Rogers Roasters
- Japanese brands: Ichiban, Daiso, Japan Home Center
- Malaysian brands: Tealive
- South Korean brands: Samsung
- Taiwanese brands: Gong Cha, Chatime, Yifang Taiwan Fruit Tea
I'll also list some businesses in Cebu City run by different types of people such as:
- Halal restaurants in Cebu are usually run by Arabs. Hussam Middle Eastern Cuisine, Shawarma Gourmet, Leylam Shawarma, and Persian Palate (my first exposure to halal food) are owned by Arabs.
- Indian restaurants, run by ethnic Indians, include Bollywood Tandoor (North India), Cherry's the Spice (Hyderabadi style), and Bharat Spice
China isn't the only country that will benefit from allowing MNCs to invest without having to look for a business partner. I'm still adamant about not letting foreigners own land since they should be viewed as tenants. Most of the time, lessors tend not to sell their properties to occupants. Screening and economic restrictions can still be practiced, even if the MNC doesn't need to find a Filipino partner. MNCs, even with 100% business ownership, will still have to pay rent, pay taxes, and follow business laws, which include environmental laws. Whoever says FDIs always equals POGO and Chinese spies are just dreaming.
Besides, I challenge them to bring me their sources. I wouldn't be surprised if their sources are only IBON Foundation, the Catholic Bishops Conference of the Philippines (CBCP), Bayan Muna, and other similar like-minded organizations. They need to show their studies that first-world countries developed through protectionism, and only opened when the countries developed their national industries.