After much speculation, Davao businessman, Carlos ‘Sonny’ Dominguez, is to be Finance Secretary in the Duterte administration. And he is already talking about the new government’s desire to woo foreign investors.
“We will ensure the attractiveness of the Philippines to foreign direct investment by addressing the restrictive economic provisions of the constitution,” he said.
Constitutional foreign-investment restrictions – more particularly the 40% foreign equity rule – covers a number of commercial sectors, including those requiring a franchise grant from parliament such as telecoms and aviation. Duterte, according to Dominguez, will call for a constitution conversion to effect the change. Doing business in the Philippines, he said, would be simplified, adding that in Davao City licences are issued in the shortest possible time.
Elaborating further on proposed economic policy, he said that infrastructure spending would more than double, from an average 2.3% to 5%. The infrastructure to-do list would include tackling traffic gridlock, inadequate phone and Internet services and replacing and upgrading outdated rail systems.
Dominguez was the Duterte’s election-campaign’s finance chief.
CV OF Carlos “Sonny” Garcia Dominguez III, BA, MBA, PH.D
Government (Corazon Aquino administration). Minister, Environment and Natural Resources; Secretary, Department of Agriculture.
Banks/Finance. President, BPI Agricultural Development Bank, 1984-86; Chairman, Republic Planters Bank, 1988-92; Board Chairman, RCBC Capital since 1994; Independent Director, House of Investments. Director, Land Bank of Philippines, 1987-89;
Mining. Chairman. CEO, President, Lafayette Philippines; Chairman, Philippine Associated Smelting and Refining, 1999-02; Director, United Paragon Mining since 1993.
Energy. Director/Trustee, Manila Electric, 2001-05. Directorships, Mindanao Power; Northern Mindanao Power.
Telecoms. Trustee, Easycall Communications Philippines, 2002-06; Director, IPVG since 2004.
Corporate. Airlines: Chairman and CEO, Philippine Airlines, 1993-95. Railways: Director, MRT Development. Sugar: Independent Director, Roxas Holdings; Director, Central Azucarera de Don Pedro. Hotels: President Linden Suites; Director, Halifax Davao Hotel. Land/Real Estate: President, PTFC Redevelopment; President, Baesa Redevelopment; Director, Huntly Corp. CEO, DSAP Real Estate; Retailing: President, Retail Specialists; Director, Shangri-La Plaza Corp.; President, Sports Specialists Worldwide. Conglomorates: Director, Alsons Consolidated Resources; Director, Transnational Diversified Group. Management/Business services: President, Halifax Capital Reources; President, C.G. Dominguez and Associates; Director, Hervey Asia Corporation.