Political analysts on Monday criticized Philippine President Ferdinand R. Marcos, Jr.’s alleged lack of transparency about his trip to Davos this week, which they said bodes ill for efforts to attract foreign investors. READ:
His five-day visit to Switzerland for the World Economic Forum raises more questions than answers, they said, after the presidential palace was accused of hiding the size of his delegation. News website VERA Files reported that at least 70 people accompanied him on his trip.
Junkets with a large delegation are not new, said Hansley A. Juliano, a political economy researcher, noting that many dictators in Africa have been attending global fora “at taxpayers’ expense, with the promise that the junket is supposed to result in trade deals for the country.” “Investors who prioritize careful or transparent investments are likely to see red flags in the Marcos delegation,” Mr. Juliano said.
Mr. Lanzona said the World Economic Forum’s main objective is to “address and discuss critical global issues, not to finalize and obtain investment pledges.” “The government seems to be more concerned about its own costly travel preferences than the needs of the country.” Switzerland is the eighth country that Mr. Marcos visited since he took office in June. The others are Indonesia, Singapore, the United States, Cambodia, Thailand, Belgium and China.
“While the number of attendees from low- and middle-income countries has increased from 454 in 2009 to 712 in 2018, the share of attendees from this country group is stagnating.” “President Marcos’ attendance could raise the profile of the Philippines and pitch the investment attractiveness of the country,” he said in a text message. “Given the changes in the Philippines’ investment rules, the president can pitch infrastructure projects as well as manufacturing for companies willing to divest from China.”
There are 60 Swiss companies operating in the Philippines, 28 of which are registered with PEZA as export-oriented IT and manufacturing enterprises, PEZA said. These Swiss locators have generated P19.168 billion in cumulative investments and created more than 8,000 jobs, it added.
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