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Manila Bulletin devider Philippines devider National devider News of Philippine-China maritime row might drive away investors, says Libanan 

News of Philippine-China maritime row might drive away investors, says Libanan 

Published Mar 31, 2024 07:56 am

At A Glance

  • House Minority Leader 4Ps Party-list Rep. Marcelino "Nonoy" Libanan is worried that international news reports of worsening tensions in the West Philippine Sea (WPS) might shoo away potential foreign investors to the Philippines. 

Screenshot_20230516-102759_Chrome.jpgWest Philippine Sea (Wikipedia)

House Minority Leader 4Ps Party-list Rep. Marcelino "Nonoy" Libanan is worried that international news reports of worsening tensions in the West Philippine Sea (WPS) might shoo away potential foreign investors to the Philippines.

In a statement Sunday, March 31, Libanan said that such news reports "might dampen the Philippines’ efforts to attract additional foreign direct investments (FDI) that are badly needed to produce new jobs for Filipinos".

“We are very concerned that prospective foreign investors might misperceive and misunderstand the tensions as a looming security risk,” noted the House leader.

On March 23, China Coast Guard (CCG) vessels water-cannoned and heavily damaged a Philippine civilian boat on a resupply mission to BRP Sierra Madre in Ayungin Shoal. An exchange of angry protests between Manila and Beijing ensued.

This is just the latest in a series of aggressive actions by CCG, which has been going on for months.

Libanan noted that President Marcos himself has been visiting other countries “precisely to encourage their corporations to put up factories in the Philippines".

“In fact, we, in Congress, are even trying to find ways to relax the restrictive economic provisions of our Constitution, in order to lure more foreign investors to come in and create new employment opportunities for Filipinos,” he said, referring to the recent passage on third and final reading of Resolution of Both Houses (RBH) No.7.

Libanan cited the need for the Marcos administration “to reassure potential foreign investors that regardless of the maritime dispute, the Philippines remains highly conducive to profitable business activities".

“We must stress that despite the tensions, the Philippines offers a stable, peaceful, and safe haven for the gainful production of goods and services by foreign investors,” Libanan said.

He added that the Philippines and China "should exhaust all diplomatic avenues to de-escalate the situation".

President Marcos had earlier said that the Philippines “will not surrender its sovereign rights” amid China's intimidation.

“We seek no conflict with any nation, more so with nations that purport and claim to be our friends, but we will not be cowed into silence, submission or subservience. Filipinos do not yield,” Marcos said.

Related Tags

marcelino libanan Foreign investors West Philippine Sea President Marcos
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