War on drugs good for business – PCCI

MANILA, Philippines - Business leaders believe that President Duterte’s war on drugs is good for business.

George Barcelon, Philippine Chamber of Commerce and Industry president, said the business climate remains stable and in a “business as usual” mode despite the nation being placed in the global spotlight for the alleged extrajudicial killings.

“Many of us believe in the same thing, these are allegations,” he said. “We would not want to jump to conclusion on this issue.” 

Foreign business groups such as the European Chamber of Commerce of the Philippines, American Chamber of Commerce and Nordic Chamber of Commerce have earlier expressed concern over the rising number of extrajudicial and vigilante killings in the country.

However, local businessmen said the war on drugs is encouraging more international investors to come in.

Sergio Ortiz-Luis Jr., Philippine Exporters Confederation Inc. president, said he has heard some foreign chambers interviewed and that they believe it has spooked some investors.

“I would like to ask them, name one or two (investors) because foreign investors for one go for the income,” he said.

“They don’t care if 50 percent of Filipinos kill each other so long as they are not affected.

“Let’s put it this way. Have you heard of a foreign investor here that closed so far or those who intended to come in but are not coming in because of (the campaign on) drugs? I think if I were an investor watching and going to invest in Asia and I know that the Philippines is now succeeding in taking away drugs and criminality, should I not put it in my radar?”  

Ortiz-Luis said the US and European countries may even take a page from the country’s playbook if  the Philippines succeeds within one year in its campaign against drugs.

“I think we’re doing well,” he said. “It may be in some ways overdone, but I guess it’s part of the formula to bring fear to the hearts of those (criminals). Otherwise, who will surrender if every time there is protest you give in or if they run to foreign associations they will stop?” 

Other PCCI executives who have been to international conferences recently attested to the growing interest of foreign  investors – particularly those from Asia – in the country despite the negative publicity it has been receiving due to the drug killings.

Benedicto Yujuico, PCCI chairman, said in an international conference in Singapore, most of the Southeast Asian nations think the  government is doing good in terms of eradicating drugs and criminality, as well as corruption.

“In terms of Western countries, almost all of them are actually bringing up this issue of human rights or whether or not what we are doing here is proper,” he said. “This is a matter of perception. We as business people, we are concerned with what investors think on what is going on in our country.”

Francis Chua, PCCI chairman emeritus, said many ASEAN business leaders are currently looking up to Duterte.

Chua, who attended the China-ASEAN Business and Investment Summit in Nanning last week, said more Chinese investors are also warming up to pouring in capital in the country given the positive signals they have been receiving from the current administration.