DTI chief: Investor confidence still firm despite drug war
Trade and Industry Secretary Ramon Lopez on Friday said investors’ confidence remains robust despite the spate of killings of drug suspects at the height of the Duterte administration’s war on drugs.
During the appropriations committee hearing over the Department of Trade and Industry’s proposed P4.766 billion budget in 2017, Lopez was asked by 1-Sagip Rep. Rodante Marcoleta if the downward movement of the Philippine Stock Exchange index was attributed to investors’ fear due to the alleged violations of the rights of drug suspects killed in the administration’s crackdown on drugs.
The country garnered international condemnation over the rising body count of suspected drug pushers and users who were killed either during police operations or through alleged vigilante killings.
Philippine National Police Director General Ronald “Bato” dela Rosa has said 929 people were killed in legitimate antidrug operations as of Aug. 31.
READ: THE KILL LIST | PNP chief: 628 cases filed over ‘mysterious’ killings
“Is there something that the investors are probably worried about regarding our administration’s campaign on drugs? Natatakot po sila na may (naba-violate) sa atin na human rights? We’ll not mind them, we’ll mind our own business – baka ganyan po ang tingin nila?” Marcoleta asked.
Article continues after this advertisement(Is there something that the investors are probably worried about regarding our administration’s campaign on drugs? They are afraid that we are violating human rights? We’ll not mind them, we’ll mind our own business – why do they perceive it that way?)
Article continues after this advertisementLopez said it is precisely because of the war on drugs that peace and order was restored, boosting investors’ confidence.
He cited the instances the stock index reached an all-time high showing the investors’ renewed confidence in the Philippine stock market.
“Sa tingin ko po ‘di po siguro. On the other hand po, there is much peace and we are lessening the number of mga illegal drug users and tingin ko, it’s a blessing. Now it’s safer out there in the streets,” Lopez said.
(I don’t believe so. On the other hand, there is much peace and we are lessening the number of illegal drug users and I think it’s a blessing. Now it’s safer out there in the streets.)
He said the downward trend in the stock market was due to the fluid nature of the market depending on investors’ confidence.
“Even investors, we’re receiving a lot of… confidence here. In fact, the recent output ng result, we see the confidence. We are at an all-time high, better than other countries. So the confidence levels po are high, your honor,” Lopez said.
“‘Yung nangyayari po sa stock market, (nagbabago) po talaga ang stock market (The stock market really goes through changes). Sometimes they are not competitive or they are not… You are correct – sometimes it’s affected by local development, but sometimes it’s beyond the local development,” he added. CDG/rga
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