Everybody thought Philippine was going down the tubes," "In fact a lot of my Singaporean clients were asking me why invest here ?
"Having lived here, having experienced all these changes of government, I've seen the improvements. A lot of people miss that fact, I think, it's only if you've been here for some time and lived here, that you're able to see the improvements taking place."In that sense it's been very gratifying, because patience and fortitude pay off in the future. It might not been the best performing market now like they say a market which had room for improvement is likely for growth, if the economic had so called hit bottom than how far can it go ? " I always remind my friend that Philippine is not poor I would rather phrased it as a case of mismanagement.
However, among all the suggestions bombarding President Benigno Aquino III about ways to improve the business climate and attract more foreign investment to the Philippine. Because, over the past five years, according to an Asian Development Bank survey, the Philippines has attracted less than one third of the foreign investment so what happen ?
Maybe the President has the the answer Good governance, a total change of the management team when the President came into office, he try to surrounded himself with honest, highly trained technocrats, and launched a war on corruption in both the public and private sector. Vigorously pursued tax evaders, reduced the national debt, and gave more power and say to local stakeholder by leverage on the information technology by engaging the public in social platform and media . With the money recovered from former corrupt practices, the government was able to launch a program of direct cash transfers to the old and the poor.
In addition also stabilizing the government and making its policies more transparent, the administration has revised its rules on foreign investment. Restrictions on ownership have been relaxed and interest rates have been cut. As the most populous country in Southeast Asia, Philippine with its abundance of natural resources like gold, copper, and others, with a large domestic consumer base, and proximity neighbor to China, Korea, Japan and Taiwan. Engaging to expanding and attract more foreign investors to Philippine.
When the UK Minister of State for Southeast Asia visit Philippine, Jeremy Browne, offered a few reminders about how to attract and keep foreign investors: Resist any efforts at protectionism and pursue a policy of transparency, cut red tape, and create a level playing field. Now it's time for the Philippines to make all the right move. As a Singaporean I guess I'm comfort with what I had seen so far with my finger cross.
