Investors not worried about Duterte war on drugs – DTI chief
MANILA, Philippines – Department of Trade and Industry (DTI) Secretary Ramon Lopez said that President Rodrigo Duterte’s ongoing war against crime and illegal drugs is not worrisome for investors.
During the agency’s budget briefing before congressmen on Friday, September 2, 1-SAGIP Representative Rodante Marcoleta asked if investors were worried about the administration’s campaign against illegal drugs, which has left more than 2,000 people dead on its 3rd month.
“Sa tingin ko po ‘di po siguro (I don't think so). On the other hand po, there is much peace and we are lessening the number of mga illegal drug traders and to me po, it’s a blessing. Now, it’s safer out there in the streets. Even investors, we’re receiving a lot of investment missions. We see the confidence here,” said Lopez.
“In fact, the recent output ng result ng consumer confidence, we are at an all-time high, better than other countries. So the confidence levels po are here, your honor,” he added.
Philippine National Police (PNP) data showed that 2,446 people have died since the Duterte administration began its war on drugs on July 1. (READ: 'Nanlaban sila': Duterte's war on drugs)
PNP chief Director General Ronald dela Rosa said the figure includes 929 drug suspects killed in police operations as of August 31.
This does not include 1,507 extrajudicial killings that the PNP is investigating. (WATCH: War on drugs: 'Nanlaban')
Two days after Duterte’s landslide victory during the May 9 polls, the Philippine Stock Exchange index (PSEi) gained 221 points or 3.09% to close at 7,369.52.
On August 26, however, the Business Expectation Survey showed that the overall confidence index of the local business community declined to 45.4% from 48.7% in the Q2 2016 survey.
Lopez explained that the stock market tends to change, but this is not necessarily always caused by local events.
“'Yung nangyayari po sa stock market, malikot po talaga ang stock market (The stock market tends to change). Sometimes they are not affected or they are not... You are correct – sometimes it’s affected by local development, but sometimes it’s beyond the local development,” he said
For 2017, the DTI is proposing a budget of P7.953 billion, up from P6.642 billion this year.
|Agency||2016 GAA||2017 NEP|
|Office of the Secretary (including bureaus, regional offices)||P3,677,000,000||P4,250,000,000|
|Board of Investments||P406,000,000||P401,000,000|
|Philippine Trade and Investment Center||P45,000,000||P58,000,000|
|Design Center of the Philippines||P80,000,000||P96,000,000|
|Construction Industry Authority of the Philippines||P93,000,000||P111,000,000|
|Center for International Trade Expositions and Missions||P195,000,000||P220,000,000|
|Philippine Economic Zone Authority||P2,106,000,000||P2,758,000,000|
Lopez said the budget will be used to generate more income opportunities through jobs and businesses. – Rappler.com