The Duterte Effect: Foreign Investors Ready to Put Money in PH

More than 680 members of International Chamber of Commerce (ICC) show their interest in investing in the Philippines during a business summit held in Prague last Wednesday. American investor and banker Jimmy Wellis said, during an interview with BBC, that Duterte’s determination to destroy crimes and corruption has build trust among foreign investors.

“After a week since the new Philippine president assumed office, I think it’s safe to say that he walk his talk. The Philippines can be a big business hub in Asia once again because of its strategic location,” Wellis said.

Wellis also added that one of the most impressive moves by the new president is his promise to cut the red tape.

“It is always difficult for a foreign investor to do business in countries like the Philippines because of excessive regulations. It will be a great ease if Pres. Duterte can remove some of these redundant policies on business registrations”, Wellis added.

The banker said his European group of almost 700 investors is planning to meet Philippine businessmen on the coming months to discuss possible partnerships.

He noted that the country can do better on manufacturing because of its large workforce.

“Filipinos can manufacture automobiles, heavy equipment, electronics, appliances and home equipment, and even agricultural and marine products with our help”, Wellis said. /Joey Antiporda/

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