Investor confidence is high despite Duterte's anti-drug war — DTI chief

Investor confidence in the Philippines remains high despite the Duterte administration’s bloody war against illegal drugs, Trade Secretary Ramon Lopez said Friday.

Lopez gave lawmakers the assurance during the House appropriations committee’s deliberations on the Department of Trade and Industry’s proposed P4.7-billion budget for 2017.

1-Sagip Rep. Rodante Marcoleta asked Lopez if the downward movement of share prices on the Philippine Stock Exchange was caused by investors’ concerns about the President Rodrigo Duterte’s offensive on the drug menace plaguing the country.

In response, the Cabinet official said the war on drugs even improved the country's image and boosted investors’ confidence with the perception that efforts are being pursued to restore peace and order in the country.

As proof, Lopez cited as proof the stock market rally after Duterte assumed office on June 30.

"Sa tingin ko po, ‘di po siguro. On the other hand po, there is much peace and we are lessening the number of mga illegal drug users. And, tingin ko, it’s a blessing. Now it’s safer out there in the streets," Lopez noted.

Investors are confident, according to the Cabinet official. "... We see the confidence. We are at an all-time high, better than other countries. So the confidence levels po are here.”

Lopez attributed the downtrend to the stock market’s fluid nature, not the lack of investor confidence.
 
"‘Yung nangyayari po sa stock market, [nagbabago] po talaga ang stock market. Sometimes they are not competitive or they are not.. Sometimes it’s affected by local development, but sometimes it’s beyond the local development,” he said.

Duterte’s anti-drug war has gained international attention as close to 2,000 casualties have been recorded by media entities since he assumed office on June 30.

The Philippine National Police, however, said only 929 drug personalities have been killed in police operations from July 1 to Aug. 31. — VDS, GMA News