Dominguez assures AmCham of positive investment climate
THE GOVERNMENT is pursuing a policy of economic diversification, opening more markets for Philippine products overseas and encouraging more foreign investment, the Department of Finance (DoF) told the US business lobby.
In a statement e- mailed to journalists, the DoF said, Finance Secretary Carlos G. Dominguez III met with the American Chamber of Commerce and Industry (AmCham) on Saturday.
The oldest international Chamber operating in the Philippines, AmCham counts as members hundreds of US companies.
“The Duterte administration will make certain that the business environment is such that in encourages people to stay on,” Mr. Dominguez said.
“As far as business is concerned, President Duterte wants more competition and innovation.”
Recognizing the role of US businesses in job generation, Mr. Dominguez asked AmCham to assist in creating jobs that provide both dignity and economic gain to the people.
President Rodrigo R. Duterte’s statements about Philippine-US relations were also discussed during the meeting.
Sought for comment, AmCham Executive Director Ebb Hinchliffe said that the Chamber shared with Mr. Dominguez some of its views on how the anti- US rhetoric from the Palace could be potentially dangerous to the investment climate in the Philippines.
“What we’re looking for is a stop to the name calling,” Mr. Hinchliffe said in a phone interview with BusinessWorld. “We’d like to see the heat turned down a bit, return to the friendly environment that we’re used to between the Philippines and the US.”
“Any time your country is consistently called names can’t be helpful but AmCham recognizes that rhetoric is not going to chase us away,” he added.
Asked on what makes the Philippines attractive to US investment, he said US products are well-received here and the work force is highly productive.
He also said that the Chamber supports the administration’s 10-point socioeconomic agenda and hopes that the government succeeds in attaining its targets.
“If we can get rid of crime, corruption and drugs, this would be a great investment haven,” he said. “It’s hard to leave when those 10 points make the lives of businesses in the Philippines better, even much better than it is today.”
The AmCham will also set up a meeting with Department of Trade and Industry Secretary Ramon M. Lopez to further discuss the business environment, Mr. Hinchliffe said.