Investors won’t wait for polls before investing in RP – GMA

Foreign and local businessmen are not holding back investments in the country despite the coming midterm elections, which they expect to be clean and orderly.

In a pooled interview, President Arroyo said investors are confident in the country’s economic fundamentals and are no longer on a wait-and-see attitude.

She said the prevailing bullish business outlook "is founded not only on the strength and endurance of our economic fundamentals, but also on the anticipation of clean and peaceful elections in May." Elections in the country are usually marred by violence and fraud.

A sign of investors’ positive outlook, according to Mrs. Arroyo, is the opening of a new plant by Ford Philippines Inc. in April.

Robert Sears, executive director of the American Chamber of Commerce, said foreign businesses would no longer wait for the results of the elections before making their next investment moves.

"We’re not waiting for the elections. People are proceeding as if there were no elections, because they’re here, they’re done with and then we move on. So business can’t wait," Sears said in an interview that followed a televised roundtable discussion on the economy led by Mrs. Arroyo.

He said what foreign businessmen are waiting for is "for a good Congress to continue the reform movement" after the elections.

The other guests in the televised discussion were Bangko Sentral ng Pilipinas Deputy Governor Diwa Guinigundo, Ford Philippines president Henry Co, Finance Undersecretary Gil Beltran, and Trade Undersecretary Zenaida Maglaya.