Noy abandoned investors — solon

Zambales Rep. Ma. Milagros “Mitos” Magsaysay yesterday chided President Aquino for trumpeting economic progress when the truth of the matter is that investors are pulling out their investments in the country because the government cannot protect their businesses.

“The government cannot control the rise in their expenses in the country, mainly power and utilities and the business environment is growing more rigid for them. This while neighboring countries like China, Vietnam and Thailand are bending over backwards to accommodate them,” said Magsaysay.

“If I was the head of this multinational company, it would be a no brainer for me, and this is precisely what happened to the most recent declaration of Ford Philippines closing its assembly plant and moving to another location,” she added.

“Why not when the deal is sweeter there? We may have a strong workforce but others can also boast of a similar environment,” she said.

Aside from Ford Philippines, other multinational companies including American Express Bank and four other banking institutions and ice cream maker Haagen Daz have also announced shutting down their operations in the Philippines.

Magsaysay said the problem is what will happen to the workers who will be displaced by the move.

“The unemployment problem in the country is bad enough already but with this new development, more will be added to those who do not have jobs,” she said.

Worse, Magsaysay said this will not bode well for the country’s image as an investment hub because other multinational companies will see this as a huge red flag for possible business in the country.
“Why will they invest here when many of their counterparts have already packed their bags and left? Ford is not the first one to leave, and if this type of business environment continues, they will not be the last. This should be a major wake up call for P-Noy,” said Magsaysay. –Charlie V. Manalo, Daily Tribune