No investment, tourism restrictions vs China

No restrictions will be imposed by the Philippines in terms of tourism and investments from China despite the ongoing tensions in the West Philippine Sea (WPS), according to the National Economic and Development Authority (NEDA).

- LOUELLA DESIDERIO

"We have no intention of restricting investments or tourists from China to the Philippines. Everyone is welcome to the country for investments as investors, as tourists," NEDA Secretary Arsenio Balisacan said during the East-West Center International Media Conference yesterday.

Despite recent clashes between Chinese and Filipino vessels in the WPS, Balisacan said "it's in our interest to see peace and prosperity in our region."

He said supply chain disruptions from geopolitical tensions or other shocks like climate change will have a direct or indirect effect on the country.

Should tensions between the Philippines and China further intensify, he said it will impact the country's economic growth, but this will be hard to quantify.

He said where the country may be affected most would be in terms of trade.

"The area where we are most exposed to China is in trade... We are part of the global supply chain," he said.

Special Assistant to the President on investment and economic affairs Frederick Go said Chinese firms remain interested to invest in the Philippines and are confident of the country's growth story.

"I think they continue to do business in the Philippines. The private companies, the private corporations out of China continue to want to invest in the Philippines," Go told The STAR after the Manila Overseas Press Club Investment Night in Makati last Tuesday.

"I think the companies who invest in the Philippines believe in the Philippine growth story. They believe in the attractiveness of the Philippines as an investment destination," he added.

Go said "occasional occurrences" are part of life and would not change the view of businesses with longterm confidence in the country's economic performance.