President Aquino assures foreign business community reasonable and sound projects will continue

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President Benigno Aquino III assured foreign business community Tuesday government projects that are reasonable and with economic benefits to the Filipino people will not be scrapped.

The European Chamber of Commerce earlier voiced its concern saying that foreign investors were wary with policy changes that come with the new administration. They were asking for assurance that government will not carry out major policy changes in the long term.

“I will ask the Secretary of Foreign Affairs to contact these foreign businesses and to assure them, that projects that are reasonable, that are sound, that have economic benefits and of value to our people, we will continue,” the President told reporters at the sidelines of the signing of several legislative measures in Malacanang.

He noted that if these projects are based on a faulty premise, the government will not allow it to continue.

The President mentioned the case of the Laguna Lake dredging project, where the government would spend P18 billion for a project that wouldn’t have much benefit especially to the lake shore communities.

“ I think, it is unarguable that their proposal to remove 12 million cubic meters and dumping it also within the same lake does not redound to an improvement of the water quality there… it shouldn’t cost the Filipino people P18.7 billion.”

The perception of instability in forging business contracts in the Philippines is a major issue that holds back foreign investors from pouring in money in the Philippines, according to the European Chamber of Commerce of the Philippines.

Hubert d’Aboville, president of the European Chamber of Commerce of the Philippines, said that businessmen often mention their concern for policy changes that new administrations undertake, which affect existing businesses. (as/12:52pm)