Investors, both foreign and domestic, have been quick to point out that the investment climate leaves much to be desired. While our global competitiveness rankings could certainly use some improvement, it should be noted that imperfect investment climates in countries like India did not prevent NRIs and the Indian business elite in general from investing in their own country: with greater amounts of revenue coming into the country, improvements in India’s investment climate took place as a matter of course. Others complain that a smaller arena for private investment — Public-Private Partnerships (PPPs) with the government — have been slow and cumbersome, shot through with bureaucratic demands and inconveniences. But it is important to keep in mind recent history, where PPPs were abused and corrupted into venues for the illicit accumulation of wealth by politicians and their cronies. This is why it has been necessary to subject all PPPs to closer scrutiny to ensure transparency and a level playing field, allowing a larger swathe of the business community to take part. The renewed vigilance over PPPs, the government hopes, will inspire confidence among private investors to invest more in the Philippines.
To sustain PHL`s bright prospects, the rich have to step up
