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MANILA, Philippines – Mixed political tirades and criticisms against Duterte administration did not prevent Aboitiz in remaining optimistic on the country’s business environment.
One of the Philippines’ influential and prominent business groups, Aboitiz Group, is positive that business environment in the Philippines will sustain its growth.
Aboitiz Equity Ventures EVP and COO, Sabin Aboitiz, hopes that President Duterte’s state visit to China will result to economy’s growth.
AEV First Vice President for Business Development, Roman Azanza II, claimed that the company is highly interested in developing the country’s tourism through roads, airports, and railways development.
Additionally, Aboitiz is affirmative that China relations will bring millions of tourists to the Philippines, which could be equivalent to more investments. Once PH-CHN relation becomes stabilized, higher growth in the economy will follow.
Apart from AEV’s trust to Duterte administration in the first 150 days, other conglomerates also expressed support.
Nonetheless, concerns raised quietly are common among other conglomerates due to inconsistent policies that President Duterte enforced. Market Call’s latest issue released statements from UA&P Capital Markets Research and First Metro Investment Corp. (FMIC) on mixed political signals affecting the different sectors.
Local equities market and peso may be more liable to sudden change due to the President’s inconsistent policies.
Global Source of New York backed this by stating that the President uses an impulse-driven style of making policies. This distinctive move is causing unease in the business community. Global Source also added that the President’s negative perspective on American relations and loose speech might lead to investment losses.