THE Nordic Chamber of Commerce of the Philippines (NordCham) said recent headline news coming out of the country can potentially deter companies from investing in the country.
NordCham President Bo Lundqvist said events happening in the country can be a hindrance for foreigners looking at the Philippines as a business destination.
“The headlines for the past couple of months is not good for business. Decisions to invest are based on several factors. The news could be a deterrent and threat to foreign investments. It is about perception,” Lundqvist said.
However, Lundqvist added that they have a very high confidence on the administration of President Duterte, which they see as sustaining the economic momentum the country has achieved over the past five years.
Lundqvist said the government should stick to the 10-point program it unveiled in June, which he said their chamber will participate actively. He believes it is a positive road map that all sectors can agree upon.
“Our Nordic countries have long been advocates for open trade and open economies. We are excited to see this development take place, together with changes toward ease of doing business, these are some of the key building blocks of the economic agenda of the new administration,” he said.
The 10-point agenda of the Duterte administration is pushing for the continuance of current macroeconomic policies; institution of tax reforms; increasing of competitiveness and ease of doing business; acceleration of infrastructure spending; promotion of rural development; security of land tenure; investment in human-capital development; promotion of science and technology; and strengthening of responsible parenthood.
Particularly, Lundqvist sees the Duterte administration addressing concerns of foreign business groups on ease of doing business, corruption and foreign ownership.
“It is difficult to establish a business here with all the agencies and all the requirements,” he said, adding, “If the current administration is as friendly as we believe, it will be a lot simplier.”
Lundqvist said with the expected improvement in the country’s business climate, the chamber is expecting more investments coming from Nordic companies.
He said they are promoting the Philippines as a business destination and as a place where companies can establish links.
NordCham is the new name of the Nordic Business Council Philippines, which was established in late 2012 to bring together the Nordic-Philippine business community.
The chamber promotes and facilitates trade, commerce, industry and investment between the Philippines and Denmark, Finland, Iceland, Norway and Sweden, along with Baltic countries Estonia, Latvia and Lithuania.
Image credits: Rodel Alzona