Metro Manila (CNN Philippines, November 16) – An independent think tank says that the country may lure back more investors in the event Vice President Leni Robredo takes over as president of the country.
Capital Economics, in its “Duterte health worries, Sri Lanka election” report on Friday, said that although it has scant knowledge about Robredo’s economic policies, “a change in president would probably be welcomed by investors,” as it noted a downtrend in foreign investments since President Rodrigo Duterte became chief executive in 2016.
“Since Duterte took office, approved foreign investments have been much lower than previous years,” it added.
The report said that the country’s second-highest ranking official’s “fierce opposition to Duterte’s authoritarian tendencies, including his willingness to undermine political institutions, his attacks on political opponents as well as the controversial war on drugs” could mean more foreign investments, which have been viewed as an important source of jobs in the Philippines.
Duterte has been accused of emboldening killings for his rhetoric and drug war, which — according to government data— have resulted in the killing of at least 6,600 people since he became President. Experts earlier claimed that foreign investors have become reluctant to do business in the country due to human rights violations and extra-judicial killings, which were believed to be consequences of the current administration’s war on drugs.
However, the group clarified that it does not automatically suggest that the Philippines under Duterte “has been a disaster for the economy.” It argued that if it were not for his “popularity,” the Tax Reform for Acceleration and Inclusion Act which would fund the current administration’s ambitious infrastructure program called the Build, Build, Build and the Rice Tariffication Act, which kept inflation at bay, would not have hurdled Congress.
Critics have questioned the 74-year-old president’s absences in official engagements, causing people to worry about his health. This also prompted opposition figures to urge Duterte to fully disclose the state of his condition, but Malacañang turned down such requests.
Section 8 of the 1987 Constitution provides that “in case of death, permanent disability, removal from office, or resignation of the President, the Vice-President shall become the President to serve the unexpired term.”
