DTI downplays US, EU concerns; dollar bonds also leaving?
The Philippines remains an attractive trade and investment destination to European and US firms, Trade Secretary Ramon Lopez assured the public yesterday.
Contrary to claims of US and European business chambers in the country, Lopez said his office has not received any reports on cancellations of trade missions and investments.
“Frankly, we are the ones trade missions are talking to and we have not heard or received of any news on cancellations. In terms of investments, we also did not receive any reports of cancellations,” Lopez said in an interview yesterday.
He was reacting to a report in The STAR quoting officials of the American Chamber of Commerce of the Philippines and the European Chamber of Commerce of the Philippines as saying several American and European firms were having second thoughts about investing in the country due to President Duterte’s persistent verbal attacks on the US and the EU.
Several trade and investment missions to the country were likewise being cancelled as a result. The President resented being reminded by the US and the EU of his duty to follow the principles of human rights and the rule of law in pursuing his campaign against illegal drugs and criminality.
“I have yet to see people talking to me and telling me that there are these concerns and they won’t invest in the Philippines,” Lopez said.
“We have to be cognizant also of the fact that there are those who are spreading negative news, negative rumors and trying to destroy the gains of the government which has just been very successful in containing crime, reducing criminality, putting back peace and order, putting back discipline,” he added.
Given the current state of the Philippine economy, the trade chief said he sees no reason why there would be uncertainties among investors.
“Our policies are friendly to investors, consistent, honoring and protecting investments. So these are the considerations that are more important. If you’re a longterm investor, you don’t look at the short term. I will be more concerned if our macro policies are the ones being changed,” he said.
“At this point, we reported to you a high growth rate in investments as of September. That’s a 200 percent growth in investment pledges so that’s times three in terms of registration to the Board of Investments,” he pointed out.
“It is an indication of future investment, but it shows the confidence is there. They are registering. So the numbers are not showing those perceptions or allegations because as we’ve been saying, they still see huge potential in the country,” he added.
“The opportunity for growth is still there, the fundamentals are there, the parameters of investment, meaning the size of the market, is there,” Lopez maintained.