Noy seeks to allay Europeans’ fears

President Aquino yesterday said he is thinking of directing Foreign Secretary Alberto del Rosario to assure the European Chamber of Commerce of the Philippines (ECCP) that his administration will continue foreign projects that are beneficial to Filipinos as long as these are not anomalous.

“Perhaps I will ask the secretary of foreign affairs to contact them and to assure them that where there are projects that are reasonable, that are sound, that have economic benefit and of value to our people, they will continue,” Aquino said.

Hubert d’Aboville, ECCP president, has said foreign investors are holding back because of perceived lack of respect for perfected business contracts, like when a new administration rescinds contracts made by its predecessor.

He said investors want Aquino and his Cabinet secretaries to make a commitment that their investments will be solid for the next 30 years.

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Con Yap

  • J_ag

    In law when the government acts there is a presumption of regularity. However when we have a dysfunctional state the opposite becomes true. Almost every act of government related to huge procurement projects becomes suspect.

    The IPPs come to mind during the Ramos time. We are all suffering from it.

    How far is PNoy going to take this campaign for the straight path?

    Let us look at the SCTEX sale fo Pangilinan group. The contract calls for them to pay the debt service of the loan to the Japanese for only five years.

    The increased future traffic should cover the rest. If not the government stands to be the guy holding the bag in case usage does not cover the costs. I would go ahead and let the chips fall where they may. By all means honor the contract but allow citizens to have the right of lynching the guy who signed the contract when the state (taxpayer) has to bail them out.

    Accountabilities must be enforced even if it means lynching. I agree on contracts.

    it is now obvious that under GMA and Ramos a lot of privatization and procurement contracts were flawed in favor of private interests.

    Now PNoy has to pay the piper.

    If he has the guts to cancel than you can count me in as one of his supporters. But I doubt that there will be any meaningful change to this process.

    The Danding model of crony capitalism has been upheld by the SC.

  • Thai anton

    if I am an investor,why would I want to invest in a country like RP,where the word CONTRACT don’t mean any thing, and your contract can be declared anomalous and graft riden at the whim of a mentally unstable person. Try breaking a contract in hongkong ,Singapore or the USA and they will make pay an arm and a leg for doing it.