Duterte vows ‘corruption-free’ Philippines to Japan investors

TOKYO – President Duterte yesterday promised Japanese investors and businessmen a corrupt-free and competitive business environment in the Philippines as he promised to “kill” the problems plaguing investors.

Duterte said he was ready to place his honor and persona at stake to prove his determination to tackle corruption and other issues affecting the ease of doing business.

“I will give you at any hour of the day or night, you can contact any of the Cabinet members or your Filipino lawyers or Filipino workers, and you can ask (for) an audience with me in 24 hours and I will talk to you and just let me know what your problem is and we will kill that problem,” Duterte told Filipino and Japanese business executives here.

“Well, sort of. But as I am committed to do this, I place honor and my persona that what I guarantee here must be followed,” he added.

Duterte’s statement was a take on his oft-repeated threat against drug offenders, who he said are destroying the Philippines.

The President has been saying that he is ready to kill drug suspects and other criminals, a remark viewed by his critics as an encouragement to engage in extrajudicial killings.

Duterte assured investors that his administration is committed to reforms aimed at creating a climate conducive to investments.

“With our sound macro-economic policies and (ongoing) reforms, we guarantee a competitive and corruption-free – and I repeat, we guarantee a competitive and corruption-free – business climate, and a highly skilled and fast-learning workforce,” the President said.

“May I just assure you that during my time I said there will be no corruption.”

Duterte said his administration is “firmly committed” to maintaining a stable and predictable environment for business, especially partnerships between the Philippines and Japan.

Duterte also urged Japanese investors to take part in the Build Build Build infrastructure program worth P8.1 trillion.

“We invite Japanese participation in our game-changing Build Build Build infrastructure program in which we aim to build inclusive and innovative industries and transform our economic archipelago into one of an integrated economic space,” the President said.

“More than Build Build Build, let us work together to Grow Grow Grow our economies,” he added.

Duterte noted that credit watchdog Standard & Poor’s has upgraded the Philippines’ credit rating to BBB+ with a positive outlook, the highest in the country’s history and only a notch below the credit rating of A.

“Given all these, your investments are assured of protection and gains – I guarantee that,” the President said.

“And as a matter of fact, I place my honor in what we promised to our partners, especially the Japanese and the Japanese people,” he added.

Duterte said Japan has been a major source of foreign direct investments and was even the second largest trading partner of the Philippines last year. He also noted that Japan is the first and only country with which the Philippines has a bilateral foreign trade agreement, the Philippines-Japan Economic Partnership Agreement.

The agreement, Duterte said, is being reviewed for possible upgrade to a preferential arrangement more mutually beneficial to the two countries. 

Duterte said the Philippines is a “natural choice” for Japanese companies looking for manufacturing base in Southeast Asia because of preferential tariff arrangements. 

The Philippines is also an ideal base for high-value knowledge process outsourcing ventures that support the global operations of Japanese companies, he added.

“In the next few years, we anticipate increased trade and investment flows because of the strong momentum generated by decades of deep economic cooperation. This will be sustained by our natural economic complementarities and accelerated by the current efforts of our governments to lower barriers,” the Philippine leader said.

Duterte also maintained the country continues to work with Japan to address the issue of market access for Philippine agricultural products like bananas and mangoes.

Before the forum, a total of 26 deals worth P288.8 billion were signed by Philippine and Japanese companies. The deals are expected to generate 82,737 jobs.

Duterte said the signing of the deals was “a vote of confidence in the Philippines’ bright economic prospects.”