(Eagle News)- President Rodrigo Duterte is getting the applause of business fellowship for policies that would lead to economic surge and many companies say they are making new investments in the country.
Less attention has been paid to the potential positives of bloody war against crime and drugs, one is being the catalyst of boost to business. Some even see the campaign as an effective tool, along with the new administration’s focus on building new infrastructure.
“We are in a very good spot. The pronouncement of government prioritizing infrastructure spending, accelerating it and cutting red tape, solving peace and order, I think all point to very good prospects ahead,” said Antonio Moncupa Jr., president and CEO of East-West Banking Corp.
“Business will be good under this administration,” BDO Unibank executive vice-president Luis Reyes said of Duterte.
The government announced last week that the country’s economy grew at 7 percent in the second quarter, its highest level in three years. It makes Philippines the fastest growing among all countries that reported so far for the second quarter.
Despite of questions over how he would handle the economy, Duterte’s reputation of carrying out his promises has given businesses many opportunities and are now lining up for expansion. Two considered backbones of the economy– remittances and outsourcing– are still flourishing domestic consumption.
Even when he was still a mayor of Davao, the region’s economy grew by 6.6 percent on average in 2010-2014, compared to 6.3 percent for the whole country.
