Duterte admin continues to enjoy the confidence of int'l investors — DOF

Amid the "political noise" hounding the government, the Finance Department said Monday that international investors remain confident about the Duterte administration.

"If one were to ignore the political noise generated by certain groups, one could clearly hear the voices of continued optimism over President [Rodrigo R.] Duterte's commitment to bring real change through the implementation of transformative reforms not only in the economy but on the peace and order front as well," Finance Spokesperson Paola Alvarez said in an emailed statement.

Alvarez was referring to concerns raised by several groups over the rising number deaths in the government's campaign against illegal drugs, as well as recent statements by the President.

Standard and Poor's (S&P) Global Ratings last week said sociopolitical concerns surrounding the Philippine market are starting to dent the confidence of international investors about country.

While the debt watcher affirmed the country's investment grade credit rating with a stable outlook, it noted that an upgrade is unlikely over the next two years.

Alvarez said there have been "positive developments" in the country, particularly the recent auction of P100 billion of retail treasury bonds by the Bureau of the Treasury (BTr).

Foreign and local business organizations remain bullish about the economy under the Duterte administration, she said.

She cited the support from the Philippine Chamber of Commerce and Industry (PCCI), the Philippine Confederation of Exporters Inc. (Philexport), and the Management Association of the Philippines (MAP).

Philexport President Sergio Ortiz-Luis Jr. "even dared critics to name one or two investors who have closed shop here or changed their mind about doing business in the Philippines amid the current political noise," according to the DOF official.

While the American Chamber of Commerce of the Philippines (AmCham) said it was within the constitutional authority of the President to carry out measures to ensure the security of Filipinos, it has concerns about the campaign against illegal drugs.

"Certainly, the illegal drug menace is a serious threat in the Philippines, as it is in the US and elsewhere. However, the increased number of killings during the heightened anti-drug campaign is harming the country's image, as portrayed by international media, and some investors are now asking whether this campaign reduced the rule of law," it said.

The AmCham added its voice to the concerns earlier expressed by the European Chamber of Commerce of the Philippines (ECCP), and the Nordic Chamber of Commerce of the Philippines (NorCham).

On the other hand, Alvarez noted Secretary Carlos G. Dominguez III has received expressions of support for the administration's 10-point economic agenda during his meetings with ambassadors from Spain, China, the European Union, and the Japan International Cooperation Agency (JICA).

Duterte's economic team presented the agenda during a business forum  in Davao City in June.

It centers on continuing and maintaining the macroeconomic policies of the administration of former President Benigno S.C Aquino III, as well as the adoption of a progressive tax reform program. — Jon Viktor Cabuenas/VDS, GMA News