Investors still deem Philippines as preferred destination

CEBU, Philippines - Foreign investors still consider the Philippines as a preferred destination in Asia despite President Rodrigo Duterte’s tirades against ally states and his unrelenting drive to eradicate illegal drugs.

The investors however stressed that immediate implementation of economic agenda is crucial to the country's sustaining appeal.

Takahiro Onishi, top executive of The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), said that Japanese investors are highly considering the Philippines as investment location, regardless of the president's bizarre leadership style.

Onishi said Japanese businesses are impressed with President Duterte's popularity and his war on drugs that is supported by a good number of Filipinos. Even the issue on extra-judicial killings has not affected Japanese investors' interest to the country.

According to Onishi, the Philippines is one of the most attractive countries in the ASEAN region because of its promising economic growth.

However, despite the seemingly unperturbed foreign investment community, Security Bank president and chief executive officer (CEO) Alfonso L. Salcedo said the government should be mindful that it is already reaching its tipping point in criminality and the war on drugs, and that it is high time for the economic managers to start implementing programs stipulated in the administration’s 10-point agenda.

Salcedo mentioned his recent meetings with international fund managers and top-notch economic analysts citing that the global community still holds a positive eye towards the Philippines, although most of them have expressed concerns about the unrestrained noise the president is making from time to time.

Salcedo hinted that there is a need to manage the  president's surprising "undiplomatic" signals.

He added that the interest to the Philippines as investment destination will continue to be there and the administration’s first 100 days will not easily drive the investors away, "what matters is the execution of the 10-point agenda."

The Philippines strong growth potential — a demographic driven and consumption-led economy glued the investors' interest in country, but substantive move in economic agenda or the 10-point agenda should be done immediately.

Salcedo, who is also a board member of the Bankers Association of the Philippines (BAP), said that investors want to see a balanced management platform, as the administration's fierce war on drugs is good and has nothing to do with the economic motion, but economy has to be given equal attention too. (FREEMAN)