Alien, local traders only want continuity
FOR MANY of the foreign and local business groups, their main concern is not who will occupy Malacañang, but whether the next administration will continue the economic reforms and sustain the gains achieved under President Aquino.
What is at stake, for investors at least, is the continuity of the reforms as these are expected to help chart a more positive direction for the economy over the medium term.
“From the American Chamber of Commerce of the Philippines (AmCham), we are excited. We hate to see the current [President] go but we’re looking forward to the next one. We don’t care who [he or she] is. I’m not concerned about who’s in Malacañang,” AmCham executive director Ebb Hinchliffe said in an interview.
Hinchliffe said American investors would want to see a continuance of the economic gains as evidenced by increasing inflow of foreign direct investment in the Philippines, as well as the good governance reforms being implemented under the Aquino administration.
He said the next President should continue to jail high officials convicted of corruption. “[Seeing] Philippine senators in jail continues to improve the image of the Philippines [as an investment destination].”
Hinchcliffe, however, said some big foreign companies already operating in the country were very concerned about the slow pace of the public-private partnership (PPP) projects.
“Some companies already settled in the Philippines are eyeing to relocate to Vietnam and Malaysia because of this concern,” he said.
European Union (EU) Ambassador to the Philippines Franz Jessen said investment restrictions top the main concerns of European investors.
“Investment restrictions (should be reviewed) to get EU companies attracted to the Philippines,” Jessen told the Inquirer.
Open up economy
He urged the next administration to open up the economy to create a more level playing field; to honor the sanctity of contracts, and to ensure the security for investors. Political stability is a consideration for many investors, he said.
British Chamber of Commerce Philippines executive chair Chris Nelson expressed confidence that whoever is elected President would not affect the strong bilateral economic relationship of the Philippines and the United Kingdom.
“Regardless of the outcome, we can only see business and trade growing given the strong interest shown by UK companies here,” Nelson said.
The head of the country’s biggest business organization said the more important thing was for the crucial issues to be addressed.
“We have high hopes that whoever is elected, [he or she] will listen. The past debates have shown a common denominator and all of them want to do the same thing. It’s just a question of how they would prioritize these concerns and how they would deliver,” said George T. Barcelon, president of the Philippine Chamber of Commerce and Industry.
According to Barcelon, they had put together a list of issues they hoped the next President would address. “But the urgency I think is in jobs creation and inclusive growth.”
Management Association of the Philippines president Perry Pe hoped the next President would not overregulate them. “I think all the presidential candidates know this. So it does not matter, as far as I am concerned, about who is President because businessmen will survive.”
