Despite what many described as the biggest corruption scandal in the Philippines, the multi-billion peso flood control issue currently being investigated in the Senate has not changed the minds of Italian investors over their interests in bringing business to the country.

Italian Ambassador to the Philippines Davide Giglio assured that Italian investors are confident that the Philippines can be back on track despite the involvement of some of its highest ranking officials in the corruption scandal.

“I don't see many indications from the Italian business right now that point to some change of mind vis-à-vis the Philippines, but we are confident that the Philippines can handle the necessary process to enforce the law which already exists and to provide an environment that is even more conducive to a larger investment of international presence here,” he said in a recent interview with the Manila Bulletin.

While he admitted that “we follow (the hearings) with attention,” the ambassador also reiterated that they consider the topic a domestic issue and is instead “eager to look into investment opportunities” in the country.

“And the framework that describe an FTA (Free Trade Agreement) between Europe and the Philippines there will more opportunities for Italian business coming to this country. They are already present to some extent, but they can be even more present in sectors such as infrastructure, for instance,” Giglio said.

“So, if this investment takes place in an environment that is transparent and compliant with international standards, I believe Italian companies will be more and more encouraged to be part of the ambitious projects of the Philippines in the years ahead,” the ambassador explained.

The massive infrastructure corruption scandal was once tagged by South Korea as reason for halting its feasibility study on a possible loan for an infrastructure project.

Meanwhile, the Italian ambassador also expressed his country’s support for the ongoing negotiation between the Philippines and the European Union on a possible free trade agreement (FTA). Italy is part of EU.

“I'm sure that (FTA) will be a powerful catalyst for a larger relationship in terms of trade and mutual investment in both ways,” Giglio said.

“We have a large trade relationship which is still below its potential and we are working to bring it to the next level,” he added.

The envoy also expressed belief that the bilateral ties between the two countries will continue to grow “to mutual satisfaction,” noting that it is already “stable and robust and solid.”

“But I think in the next few years, it will grow and it will go to the next level because there is a lot that two countries can exchange and learn from each other and support each other in so many departments that it's only a matter to make things happen,” he stressed.

Citing the “comprehensive and developing relationship with the Philippines” in social, politics, economics, and trade, Giglio said that the two countries ties is based on “sound and stable relationship” that dates back to almost 80 years ago.

Italy also hosts some 170,000 Filipinos—the largest Filipino community in Europe—that the envoy described as “well-integrated” and one that keeps “growing in numbers and in quality and professional profiles.”