SENATOR Joseph Victor Ejercito welcomed the $2.3 Billion investment pledges born out of President Benigno Aquino III European Tour but expressed doubt if those will materialize.
“President Noynoy Aquino should be commended for working hard to attract investments in the country. But to be frank about it we need to first create a conducive atmosphere for business. With so many problems plaquing the country today, it is admittedly not saleable in its current state,” Senator Ejercito said.
Senator Ejercito pointed out that foreign investors are discouraged to do business in the country because of worsening Metro Manila congestion, bottlenecks in various ports and airports brought about by poor infrastructures, unreliable railway and mass transit system and a looming energy crisis. He also underscored spikes in crime incidents all over the country with some of law enforcers implicated in high profile cases.
The chairperson of the Senate’s Committee on Economic Affairs also mentioned the need to fix the problems brought about by the cancellations of NAIA Terminal 3 and the Laguna Lake Dredging projects.
“How can we attract foreign investors if we continue to cancel projects already awarded to foreign corporations? The Philippines was almost blacklisted since these contracts were not honored by the Aquino Administration. We must entice foreign investors which could provide the needed capital for industries and eventually employment for our people,” Senator Ejercito explained.
Senator Ejercito also stressed that not until the problems of poor infrastructure, Metro Manila congestion, worsening peace and order situation and energy crisis are solved, the Philippines cannot expect the badly needed foreign direct Investments to come in and various businesses be established in the country.#