BIZ BUZZ: Multibillion-dollar investor or carpetbagger?
This little-known company from the Middle East likes to talk big. It announced plans to plough moolah into multiple key sectors in the Philippines.
But can it really deliver its multibillion-dollar lineup, or is it just trying to piggyback on our reputable local companies to raise funds?
Unfortunately for this suspicious visitor, not everyone can easily be sweet-talked. Some industry sources who had looked into its track record—or the lack of it—raised doubts. Some of its overseas affiliates also smelled too shady to those who snooped around.
From what we hear, some people were also taken aback that shortly after exploratory meetings with certain well-established domestic entities, even without any clear direction yet, gung-ho pronouncements have been immediately promulgated to the world.
The more serious the investment prospect, the more discreet the players are supposed to be. If the big bang comes even before any reasonable progress? It’s a red flag.
But why is a longstanding business group helping this firm with its legwork? The country is indeed in dire need of foreign investments that we may be over-eager to roll out the red carpet to any “moneyed” party that knocks on the door.
Note that all those company visits had happened shortly before the Iran war erupted. If the proposed investments go pfft… there’s always force majeure to blame.
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