Corruption scandal won’t blunt investment push at Apec–DFA
The corruption scandal hounding the government for almost three months now is unlikely to affect foreign investment commitments at the 32nd Asia-Pacific Economic Cooperation (Apec) Summit in South Korea, to be led by world leaders, including President Marcos.
“We don’t really see that happening because what’s going on now is an expression of our democracy—what happens in our country—and there continues to be strong interest in the Philippines on the economic front,” Department of Foreign Affairs spokesperson Angelica Escalona said at a briefing in Malacañang on Tuesday,
But Philippine Ambassador to the United States Jose Manuel “Babe” Romualdez said earlier that $100 to $150 billion (P5.8 trillion to P8.70 trillion) in potential investments, including those tied to US engagements by Mr. Marcos, could be at risk if corruption issues are not addressed.
“Foreign investors want to see that our justice system is efficient … These corruption scandals need to be resolved,” the envoy told dzBB in an interview on Oct. 9.
South Korea loan
Escalona said, “The President’s participation is centered on advancing the Philippines’ economic interest, forging deeper ties with Apec members and reaffirming our commitment to Apec’s vision of a more open, prosperous, and dynamic Asia Pacific in a rapidly transforming regional landscape.”
She also downplayed the withdrawal of the 700 billion won (P28.9 billion) in infrastructure loan earlier announced by South Korean President Lee Jae-myung, saying that South Korea has “reassured us of their support for advancing development cooperation with the Philippines.”
The Departments of Finance and Department of Agrarian Reform have also refuted reports that corruption concerns had caused the infrastructure loan to fall through, even as economists continue to warn that corruption in infrastructure projects, as bared by Mr. Marcos himself during his fourth State of the Nation Address, has prompted “negative sentiments” in business.
Apec and business leaders
This year’s Apec summit will be held on Oct. 30 to Nov. 2. The President will be joined by Foreign Secretary Maria Theresa Lazaro, Trade Secretary Ma. Cristina Roque, Migrant Workers Secretary Hans Leo Cacdac, Presidential Communications Office acting Secretary Dave Gomez and Special Assistant to the President for Investment and Economic Affairs Frederick Go.
Among his key activities at the summit are two sessions with leaders of the 20 other member-economies, a dialogue with the Abac (Apec Business Advisory Council), and a speech at the Apec CEO Summit, which will be attended by representatives from the sectors of manufacturing and semiconductors.
A leader’s declaration and three statements on artificial intelligence, demographic change, and cultural and creative industries are expected toward the end of the summit.
The President will also meet with the Filipino community in Busan and attend a wreath-laying and tree-planting ceremony at the United Nations Memorial Cemetery in the same city “in honor of the 7,420 Filipino soldiers who fought during the Korean War [in the 1950s] as members of the Philippine expeditionary forces to Korea,” Escalona said.
Mr. Marcos’s attendance at this year’s Apec marks his return t0 this summit, as he skipped the 2024 gathering in Peru amid the urgency of the government’s response to the calamities that year.
