The Philippines continues to receive investment pledges despite the ongoing investigation into alleged corruption in flood-control infrastructure projects, Special Assistant to the President for Investment and Economic Affairs Secretary Frederick D. Go said Thursday.
“On investment pledges, I don’t think we have lost anything. The pledges continue to come in,” Go told reporters during a Palace press briefing.
He dismissed reports that the Philippine stock market had suffered a P1.7-trillion wipeout due to the controversy, calling them “confirmed fake news.”
Go also denied any foreign investor has withdrawn from the country, even amid the growing scrutiny of public infrastructure spending.
“I don’t think anybody has pulled out,” he said. “Sometimes, when there is unpredictability in the environment, people might temporarily think about their investment projects. But we’re quite confident that when this is all resolved, they will all come back.”
As evidence of continued investor confidence, Go announced that the first beneficiary of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act had been approved. The investment—worth over USD1 billion—comes from a Korean company, he said, and the documentation has been transmitted to the Office of the President.
Go’s comments come days after the chairman of the Securities and Exchange Commission attributed recent stock market losses to diminished investor confidence over corruption allegations, suggesting integrity issues—not weak fundamentals—were behind the market decline.
Go, however, stressed that investor sentiment remains intact and that reforms continue to strengthen the country’s investment climate.
