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Friday, June 24, 2005
Espinoza: Investors exhausted
By Fred C. Espinosa
GLOSS OVER. For eign investors have become so exhausted by the Philippines’ raucous politics that they are glossing over the scandals hounding the Arroyo administration and even seeking business opportunities here, according to Finance Secretary Cesar Purisima.
Purisima, who addressed a Palace briefing last Wednesday, cited the decision “of a number of major multinational corporations to bring back to the Philippines the factories that they had transferred to China a few years ago,” a report said.
It is possible that foreign investors are ignoring the “political noise” and moving back to the Philippines because, according to Purisima, businessmen have come to realize that in China, businessmen have to look at the total labor outlay, which includes social, expatriate living and power costs.
The finance secretary said this is a sign of the economy’s improving fundamentals.
Speaking of fundamentals, the latest development clearly indicates that our country’s remaining debt to the International Monetary Fund (IMF) has fallen to a historic low, giving rise to expectations that the “Philippines will soon exit the post-program monitoring (PPM) of the IMF.”
DUE PROCESS. With respect to the feelings of the broad spectrum of the country’s population, one cannot overlook the clamor for due process in the conduct of joint committee investigations.
For me, the most dignified and patriotic voice that has to emerge from the darkness is that of former Senate president Jovito Salonga, who has proposed the adoption of rules that will govern the conduct of the joint committee investigations to ensure propriety, order and fairness in the Senate probe of jueteng.
He has reminded the senators that “a congressional investigation must be in aid of legislation, not in aid of destabilization to topple the government.”
The former Senate president said: “A public hearing is held only if the evidence justifies it. But those who will likely be affected must be notified in advance and invited to the same and given a chance to reply and cross-examine the accuser, if necessary, (and) produce a limited number of witnesses in his or her behalf.”
The witnesses should also be treated with regard for their rights and protected from harassment and browbeating tactics, he said.
In the Senate, a report said, eight senators have expressed support for the adoption of the rules proposed by Salonga. Leaders of the House of Representatives also favored the adoption of the Salonga rules to govern the inquiry on jueteng and other issues.
To their credit, most Filipinos have remained calm amid the political wrangling and talks of coup attempts.
Recently, a foreign investor commented: “Tell us of a democracy where the opposition is not trying to unseat the administration. The opposition will always want to be in control. The Philippines is just more vibrant in Asia.”
(June 24, 2005 issue)
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