Philippine businesses still have confidence in the government – DTI

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Despite the recent controversial sacking of the country’s Chief Justice, onshore and offshore investors in the Philippines continue to trust the government, according to the Department of Trade and Industry. The controversy, according to Trade Undersecretary Nora Terrado, will not disrupt the country’s investment momentum as investors are not so concerned by internal political battles in the Philippines. George Barcelon, chairman of the Philippine Chamber of Commerce and Industry, said the government can depend on the business sector for its support. He added that the business community’s trust in the government is still strong as shown by the number of investment pledges approved by the Board of Investments the past year that amounted to P616.7 billion, the agency’s best performance in 50 years. However, businessmen and investors will prefer the government to stay out of the selection of a new Chief Justice to help restore confidence in the independence of the judiciary.

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