‘Climate of uncertainty’ leads investors to other destinations—ECCP

Drug-related killings could create a “climate of uncertainty” and lead investors to seek out other destinations, the European Chamber of Commerce of the Philippines (ECCP) said on Tuesday.

Business is deeply disturbed by the news of the killing of Tanauan City, Batangas Mayor Antonio Halili, ECCP president Guenter Taus told GMA News Online.

Halili was shot dead by an unknown assailant on Monday during the city hall’s flag- raising ceremony. 

“This violent incident only demonstrates the greater need for better peace and order, which is critical for a country’s position as an attractive investment destination,” Taus noted.

“A climate of uncertainty risks investor confidence and could very well lead to investors seeking out alternative and more stable destinations,” he said.

In the process, the Philippines may lose “... opportunities that could otherwise bring growth and development.”

President Rodrigo Duterte linked Halili’s killing to the mayor’s alleged involvement in illicit drug trade.

The Philippine Chamber of Commerce and Industry (PCCI) said drug-related killings have given the country bad publicity, but investors will continue to focus on fundamentals, while the American Chamber of Commerce of the Philippines (AmCham) said killings have not necessarily reduced the country’s attractiveness to foreign investors.

“We look forward to seeing the Philippine government take the appropriate and necessary measures to enforce the rule of law and ensure a safe and conducive business environment where both domestic and foreign investments can safely and competitively thrive,” Taus said. —VDS, GMA News