Philippines risks ‘becoming next Myanmar,’ PCCI’s Bryan Ang warns as Corruption, Spending Freeze stall Growth
The Vice President (VP) of the Philippine Chamber of Commerce and Industry (PCCI), Bryan Ang recently said in an Interview that the Philippines, who used to compete with Thailand, Indonesia and Vietnam, is now slipping further behind those Neighbors because of the Corruption Scandals and the delayed Government Spending resulting from it which in Turn is discouraging Investor Confidence into the Country.
Quoting Ang himself who said, "While the Philippines used to compete with the likes of Thailand, Indonesia, and Vietnam, it is now on the Brink of becoming the next Myanmar. If you recall, our Name was always synonymous to Thailand, Indonesia, and Malaysia. But today, I wouldn’t even call us a Puppy Economy. Everything is just slowing down."
Ang said that Neighboring Countries have strengthened their Manufacturing and Agriculture Sectors through consistent Government Support and Subsidies, but that, "… In the Philippines, the Government has no Budget to help,” he said.
He said both Businesses and the Public are losing Patience with the Government’s handling of Corruption Cases tied to Flood Control and other Projects under the Department of Public Works and Highways (DPWH).
The Scandal he said, has led to tighter Controls on Fund Releases with Officials reluctant to sign Checks even for legitimate Expenses and Projects. Ang warned that this reduced Government Spending could weaken Consumer Demand which is in Fact the main Driver of the Philippine Economy.
"People keep saying we are the next Myanmar. I hope that will never happen but that is not far from reality. Businessmen, at most, we will just be noisy. We go to the Streets. But I don’t know what the Military, Armed Forces, or PNP will do.” Ang said.
Foreign and Domestic investors were still optimistic about the Philippines last Year despite the corruption Probes back then, but Business Confidence now has gone down considerably since that time.
"It’s so difficult now, because this one Year, that is when the Flood Control came out. And after Flood Control, you have all these other Corruption Allegations. When you say it’s in trillions, you really can’t fathom it sometimes. I cannot even imagine what a trillion is,” he said.
SOURCE: Philippines risks ‘becoming next Myanmar,’ PCCI’s Bryan Ang warns as corruption, spending freeze stall growth {Archived Link}
