Davos trip to burnish Marcos international reputation – think tank

BAGUIO CITY, Philippines — President Marcos’ attendance at the World Economic Forum (WEF) in Davos, Switzerland “will only serve to burnish his international reputation without certainty of actual results in terms of investment commitments,” according to think tank InfrawatchPH.

“It is no (United Nations) General Assembly nor (Asia-Pacific Economic Cooperation) Summit, where bilateral and multilateral meetings result in real investment and political commitments to the country,” lawyer and InfrawatchPH convenor Terry Ridon said yesterday.

“(The WEF) is mainly an international chest-beating exercise by billionaires and international personalities seeking a high-level and broad platform for their various agenda. It was never meant to drumbeat economic interest toward the countries of participating heads of state,” Ridon added.

Ensuring foreign investment into the country requires more than hobnobbing with chief executives of global corporations, as the country’s infrastructure and governance records continue to remain behind its regional counterparts, according to Ridon, a former lawmaker at the House of Representatives.

“In fact, the WEF is no venue to rally European commitments to the Philippines. It should have already been secured during the Brussels trip during talks with European Union leaders,” he said.

“The WEF trip is mainly for the President’s international prestige, nothing more,” he added, as he reiterated that the public awaits whether this trip will translate into real and substantial economic gains for the country.

Meanwhile, an opposition lawmaker yesterday expressed concerns over the “frequency and costs of foreign trips” of Marcos, who is now at the WEF in Davos.

It is the President’s eighth trip in seven months.

“I share the concerns of many Filipinos regarding the frequency and costs of the President’s foreign trips. While I understand that these trips can be beneficial for our country in terms of economic and diplomatic relations, it is important to consider the cost-benefit analysis,” ACT Teachers party-list Rep. France Castro said.

Castro added that the government must ensure that “the resources allocated for these trips are being used in the most efficient and effective way possible.”

She noted that Marcos is always accompanied by a big delegation in his foreign trips, notwithstanding the economic crisis faced by Filipinos.

“The country is deep in poverty at around P13.6 trillion, so even those who are not yet born already have debts amounting to more than P100,000,” Castro said.

She added that Marcos’ Davos trip “is nothing but an extravagant way to boast about his half-baked Maharlika Investment Fund (MIF) that has not even passed the Senate.”

The lawmaker also cautioned that once the MIF is enacted, it may “just be used to launder dirty or ill-gotten wealth.” – Sheila Crisostomo