Philippines still getting good investments under Duterte — Palace

MANILA, Philippines — Malacañang yesterday dismissed as “wishful thinking” a London-based think tank’s report that the Philippines would attract investors if Vice President Leni Robredo takes over as president. 

In a research note titled “Duterte health worries, Sri Lanka election,” Capital Economics said a change in leadership in the Philippines “would probably be welcomed by investors” given Robredo’s “fierce opposition to Duterte’s authoritarian tendencies, including his willingness to undermine political institutions.” 

The research note, which was published last Nov. 15 and written by Gareth Leather, noted that Robredo, who leads the opposition, would take over as president if President Duterte is forced to leave office due to ill health. 

The think tank, however, did not claim that Duterte’s presidency has been a disaster for the economy as it credited his popularity for the passage of reforms “that might not have otherwise made it through Congress.” 

Asked to react to Capital Economics’ report, presidential spokesman Salvador Panelo accused the group of interfering with the Philippines’ sovereignty.  

“First, it’s wishful thinking. They are interfering again with our sovereignty and the voice of the people who elected him overwhelmingly. They intrude into the way we run our government,” Panelo said in a radio interview. 

Panelo said Robredo, who has been named co-chair of the inter-agency committee on anti-illegal drugs, should be careful when listening to advice because some of the recommendations may do more harm than good. He also claimed that the Philippines continues to lure foreign investments under Duterte.

“Our economic managers are saying we are getting good investments, especiallty foreign ones,” Panelo added. 

Data from the Bangko Sentral ng Pilipinas showed that the net inflow of foreign direct investments slowed down for the sixth consecutive month in August as investment plans were deferred due to uncertainties in the international market. Foreign direct investments posted a net inflow of $416 million in August, down by 45.1 percent from the $758 million recorded in the same period last year.

Last week, the 74-year-old Duterte said he is suffering from illnesses that usually afflict the elderly and admitted that life “has begun to take its toll” on his health.

Officials have insisted that Duterte is still capable of discharging his functions despite his health issues.