PH envoy stresses stability amid competition for foreign investment

Some investors in the United States have asked Philippine Ambassador to the United States Jose Manuel “Babe” Romualdez about the political situation in the Philippines following the recent incident at the Senate, where a shooting took place and drew international attention.

The inquiries came as the Philippines is trying to attract more American investments, including through major projects such as the Pax Silica initiative, which is linked to a planned economic zone in Clark.

Romualdez admitted that some investors tend to worry when they hear reports suggesting possible political instability in the country, especially while major investment projects are being pursued.

“Nanghihinayang ako kasi ang dami-daming potential natin. Pero siyempre, kinakabahan sila pag may naririnig na ganyan, yung what’s going on in the Senate, parang may konting instability,” Romualdez told GMA News.

(I regret it because we have so much potential. But of course, they get nervous when they hear something like that. What's going on in the Senate? It seems like there’s a little instability.)

The Philippines and the United States are planning to establish a 4,000-acre industrial hub in the Luzon Economic Corridor, to be designated as an Economic Security Zone aimed at strengthening critical materials supply chains. The project is expected to be part of the Pax Silica initiative, a US-led effort to build allied supply chains for critical technologies and minerals.

According to Romualdez, Pax Silica is among the major projects that could help attract more American investments to the Philippines.

“Ang pinakamalaki nga diyan, yung Pax Silica nga na recently lang nandyan si Undersecretary Jacob Helberg at tinignan yung Clark. Yan malaking bagay sa atin yan dahil that’s an economic zone that they’re planning to put up there,” he said.

(The biggest one there is Pax Silica, which Undersecretary Jacob Helberg recently visited in Clark. That's a big deal for us because that's an economic zone that they're planning to put up there.)

Romualdez said the project could serve as an “anchor project” for other American investments.

“Yan malaking bagay sa atin yan dahil that’s like what we call an anchor project that will help us in attracting American investments,” Romualdez said.

(That's a big thing for us because that's like what we call an anchor project that will help us in attracting American investments.)

He said there is now strong interest from American investors in the Philippines as companies look for alternative investment destinations in Asia.

“There’s really a very strong interest talaga,” he said.

(There’s really a very strong interest.)

Romualdez explained that some companies are trying to diversify their investments instead of concentrating only on China and other parts of Asia.

“They're trying to diversify yung kanilang investments instead of just concentrating on China and other parts of Asia. Gusto nila in an area like the Philippines that has very strong ties now with the United States,” he said.

(They're trying to diversify their investments instead of just concentrating on China and other parts of Asia. They prefer an area like the Philippines that has very strong ties now with the United States.)

Romualdez also said the new US ambassador to the Philippines, Lee Lipton, is likewise focused on strengthening economic ties between Manila and Washington.

“In fact, yung pag-meeting ko kay yung bagong US ambassador, si Ambassador Lipton, yan ang kanyang objective pagpunta niya dyan. to increase the economic investments or economic ties between the Philippines and the United States,” he said.

(In fact, when I met with the new US ambassador, Ambassador Lipton, that was his objective in going there: to increase the economic investments or economic ties between the Philippines and the United States.)

Romualdez said he has been assuring investors that political developments in the Philippines are part of the country’s democratic process, similar to political proceedings in the United States.

“Nagtatanong lagi silang mga negosyante dito, ano ba nangyari sa Pilipinas? Ganito, ganyan. Pero sabi ko, proseso namin yan eh. Pareho ng inyo. Meron kayong mga impeachment proceedings pero sa amin ngayon, merong impeachment, meron nga itong sitwasyon natin sa Senate ngayon, nagpapalit ng leadership,” Romualdez said.

(Businessmen here always ask, "What happened in the Philippines? This way, that way." But I say, that's our process. The same as yours. You have impeachment proceedings, just like in our case now; we have this situation in the Senate, changing leadership.)

Still, Romualdez said incidents involving violence may affect investor confidence, especially when these become major news in the United States.

“Of course, yung nangyari dyan, yung gulo sa Senate the other week, malaking news yan dito sa Amerika. Siyempre, dahil alam mo pag may barilan na ganyan, mas kinapapano, malaking story yan. So nakaka-apekto yan,” he said.

(And of course, the trouble that happened in the Senate the other week, that's big news here in America. Of course, because you know when there's a shooting like that, it's more of a big story. So that's affecting.)

Romualdez said it is important that such incidents do not happen regularly, warning that the Philippines is competing with other countries in the region for the same pool of investments.

He noted that Vietnam, Cambodia, and Laos are also actively attracting foreign investments.

“Yung Vietnam, ang ganda-ganda ng kanilang mga programa for investments at saka even countries like Cambodia, Laos are now also revving up. Marami tayong mga ASEAN neighbors na are also going after the same pie,” Romualdez said.

(Vietnam's programs for investments are great, and even countries like Cambodia and Laos are now also revving up. We have many ASEAN neighbors who are also going after the same pie.)

“We really have to put our act together,” he added.

Romualdez said there is only so much he can do to reassure investors, emphasizing that they also need to see stability and consistency on the ground.

“You can only do so much convincing but at the end of the day, kailangan makita nila na tunay yan,” he said.

(You can only do so much convincing but at the end of the day, they need to see that it's real.)

The ambassador stressed that more investments in the Philippines would mean more jobs and more development in different parts of the country.

“Pag dumami ang investments sa Pilipinas, obviously, we'll have more jobs and we'll have more development in many parts of the country,” he said.

(When investments increase in the Philippines, obviously, we'll have more jobs and we'll have more development in many parts of the country.)

Romualdez said he has not seen this level of interest in the Philippines from Washington before.

“I've never seen so much interest. Until now. So that's why sinasabi ko nasasayangan ako kung mawala pa sa atin yan,” he said.

(I've never seen so much interest. Until now. So that's why I say I will be disappointed if we lose that.) —VBL, GMA News