Numerous manufacturing and business process outsourcing (BPO) companies choose to put investments on hold while others take their ventures away as US and European investors have second thoughts on the Philippines.
Business officials from US and Europe have also stated that several trade and investment missions to the Philippines are cancelled.
This incident has been caused by the tireless tirade that President Rodrigo Duterte has been doing towards allies, which include the US, European Union and the United Nations, for their blatant criticism against Duterte’s ongoing war with drugs.
John Forbes, the senior advisor of the American Chamber of Commerce of the Philippines, had stated, “The anti-American comments are beginning to harm some new opportunities for the Philippines, as we know several trade missions and BPO investment plans have been cancelled. This is regrettable.”
Likewise, the president of the European Chamber of Commerce of the Philippines, Guenter Taus has disclosed that, at this point, European firms are hesitant in investing in the Philippines and a number of trade and investment appointments are on the verge of cancellation.
Duterte seems to be unfazed by these facts, however, as he continues to look towards China and Russia for investments. In fact, he is helping drive away US and European investments with his consistent remarks for the US, EU and human rights advocates to pull out any assistance from the country if they were against his war on drugs.
Nevertheless, the UN and EU give their assurance in providing constant aid to the country but have no final say on the matter of foreign investments.
Additionally, Forbes continues to hope that there will be an end to the anti-American commentaries by our President as the Americans are committed to increasing trade and investment relations between the Philippines and the US.