DTI chief: US businesses safe in Phl
The government yesterday assured American companies operating in the Philippines of protection amid President Duterte’s anti-US stance.
“Yes of course, they will be protected. Not only them but all businesses,” Trade Secretary Ramon Lopez said, refer- ring to the American firms.
“If we will not protect them, why are we still pursuing economic development? That is part of development so we have to protect those investments,” Lopez said.
Duterte has been verbally
assaulting the US for criticizing the alleged extrajudicial killings being attributed to the government’s war on illegal drugs.
During last week’s state visit to China, Duterte announced a separation from the US, the country’s largest trade and investment partner.
Due to the President’s remarks, American Chamber of Commerce of the Philippines senior advisor John Forbes told The STAR that several trade missions from the US and business process outsourcing ( BPO) investment plans for the Philippines have been cancelled.
Contact Center Association of the Philippines Benedict Hernandez said they had received inquiries from foreign clients and investors about the current investment climate amid Duterte’s war against drugs and controversial pronouncements.
The US is the Philippines’ top investor in the BPO sector, which has generated about 1.2 million jobs.
“We will talk to them to clarify things, that it (Duterte’s ‘cutting ties’ statement) is just being more independent, doing our policies on our own,” Lopez said.
“What we’re saying is nothing has changed in terms of economics. The economic considerations in the country are the same. The reasons they’re here are the same. Investment policy-wise, we’re intact, solid. All the economic considerations in investing here, they are still here. They’re solid,” he added.
For Perry Pe, president of the Management Association of the Philippines, the country remains an investment destination no matter the politics, as long as opportunities are attractive.
“Rhetoric… just makes good copy. But they are nothing for businessmen. The more you get accustomed, the better it gets in understanding the President,” Pe said.