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PCCI: Drug-related killings, congressional hearings are scaring off investors

The daily dose of news about drug-related killings and the congressional hearings are having an impact on investor sentiment regarding the viability of the Philippines as a potential investment destination, the Philippine Chamber of Commerce and Industry (PCCI) said on Thursday.

"Everything right now in the papers is about killings. If you read the newspapers the business section is very much thinner," PCCI honorary chairman and chief operating officer Donald Dee said in a forum in Quezon City.

Because of the "bad news" in relation to the country, the implementation of investments is being held back, Dee noted.

"Actually, one electronic company, which I don't want to ... name, said they will not continue their expansion for a while," he said.

"I'm worried about it. At this point in time, we are losing our focus again," he added.

The PCCI official also cited the various hearings in aid of legislation at the Senate and the House of Representatives.

"They are wasting time. Months after the investigation, where are their proposed amendments? What I'm seeing is they just point fingers at each other," Dee said.

"These are the signals that we don't want to see," he said.

What the Philippines must relay to the world are its readiness to do something about the state of logistics and infrastructure and promoting inclusive growth, as well as the low cost of living to attract foreign investments, Dee said. — VDS, GMA News