Marcos’ ‘lack of transparency’ counterproductive to efforts to attract investors
DAVOS, SWITZERLAND — Philippine President Ferdinand “Bongbong” Marcos Jr.’s alleged “lack of transparency” about the details of the country’s delegation that joined him at the World Economic Forum (WEF).
Criticism arose amid Marcos’ recent visit to Switzerland to attend the WEF. According to a report by news website VERA Files, the president was joined by at least 70 people during the trip.
Political analysts say that this could potentially be counterproductive to the Philippines’ proactive efforts to promote the country as an investment destination.
“By not being completely transparent about his activities including his trip to Davos, he is disrespecting the Constitution, the country’s laws and the public to whom he is accountable,” Maria Ela Atienza, a political science professor at the University of the Philippines said.
“No matter how the government tries to invite investors to the country, the lack of transparency, as well as the perceived state of politics, governance and corruption in the country does not invite confidence,” she added.
Hansley Juliano, a political economy researcher, explains that junkets with a large delegation are not new, 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.”
“If they can’t demonstrate with good faith why 70 people need to be there, questions and criticisms of the costs of travel and personnel are warranted,” he said.
On January 13, VERA Files reported that Philippine delegates had a hard time finding hotel rooms in Davos, prompting them to turn to the nearest city, Zurich, which is considered as the seventh most expensive place to live in Europe.
“The choices are the Hyatt hotels in town of which there are three: Park Hyatt Zurich (5-star, Php39,040 standard rate per night), Hyatt Place Zurich Airport The Circle (4-star, Php9,997 standard rate) and Hyatt Regency Zurich Airport The Circle (4-star, Php11,182 standard rate),” according to the website. “For a huge delegation from a poverty-stricken nation, that is no peanuts.”
“Investors who prioritize careful or transparent investments are likely to see red flags in the Marcos delegation,” Juliano said.
