MANILA (PNA) – Foreign businessmen on Monday threw strong support behind the ratification of the Bicameral Conference Committee Report of HB 3732 (Freedom of Access to Information Bill).

In a statement, the Joint Foreign Chamber (JFC) said that if the bill is passed into law it will not only provide a clear, uniform and speedy procedure for access to information of public interest but also improve the country’s competitiveness ranking.

It will set administrative, criminal and civil liability for violation of the right to information and provides proscription against excessive costs of access to information.

According to JFC, enactment and implementation of this important measure should improve Philippines ranking under the “Institutions” pillar of the World Economic Forum (WEF) “Global Competitiveness Report” and the “Government Efficiency” factor of the International Institute for Management Development (IMD) “World Competitiveness Yearbook,” the JFC said.

Enactment should also help improve the declining ranking of the Philippines in the Transparency International Corruption Perceptions Index.

“Foreign direct investment in the Philippines is much too low, in part because of the perceptions of corruption in the country,” the statement said.

New investors frequently consult the corruption indexes when considering where to locate their overseas investments.

As of result of the declining ranking of the Philippines, many needed jobs that could have been created in the country have not been.

The Freedom of Access to Information legislation was first introduced in the Congress in 1992.