Peaceful elections boost confidence in RP

MANILA, Philippines - Businessmen said yesterday the peaceful elections last Monday boosted investors’ confidence in the country as an attractive investment destination.

In an interview over ANC, Philippine Chamber of Commerce and Industry (PCCI) chairman emeritus Miguel Varela said business optimism is now in place as the country now has the potential to attract more foreign investments.

Varela said the apparent win of Sen. Benigno Aquino III as the new Philippine president has brought in confidence and that he may take advantage of this by marketing the country and crafting policies that will make it competitive in terms of foreign investments.

Varela said the PCCI, for its part, is putting together a “wish list” for the first 100 days in office of the new president. He said PCCI members are consulting top economists in order to put together a 100-day agenda for the incoming chief executive.

He noted that one major concern of the business community is the budget deficit, pointing out that a solution could be either by reforming the tax structure or limiting government expenditures.

Meanwhile, Makati Business Club (MBC) executive director Alberto Lim said they believe the Aquino presidency will be able to address justice and poverty issues during his first 100 days in office.

He said they are comfortable with the policy of Aquino to prioritize job creation and create an environment friendly to investors.

Lim said there is a need to invest in infrastructure in order to attract more investments. He said increased government spending can be financed through efficient tax collection and expressed confidence the Aquino administration will be able to run after tax evaders and plug leakages in government spending.

Likewise, Lim noted that early and gracious concessions will be able to add to the stability that the Monday polls brought.

For his part, Edgardo B. Lacson, president of the Employers Confederation of the Philippines (ECOP), said the business sector is very positive of the outcome of the election, noting that despite earlier misgivings, the elections were very credible.

 “It is not the person that won; the winner is inconsequential but the process is very important because the result reflected the will of the people,” Lacson said.