MANILA - European investors are erring on the side of caution in investing in the Philippines due to uncertainties in the country's foreign policy, the European Chamber of Commerce of the Philippines (ECCP) said on Friday.
“What no investor wants to see is uncertainty. The international sense of what he hear, we don’t know where we are heading. There is a big portion of caution on the part of investors planning to come to the Philippines,” ECCP president Guenter Taus told ANC's "Market Edge with Cathy Yang."
Investors may look into the Philippines' neighboring countries such as Vietnam, Myanmar, and Indonesia as investment "options," Taus added.
Taus said, despite President Rodrigo Duterte's aggressive rhetoric against the European Union for criticizing the bloody drug war, European businesses are pushing through with their agenda of strengthening ties with the Philippines.
The European Union and the Philippines will push through with a business summit next week where around 300 EU executives are expected to attend.
"We are very optimistic that this is going to be a successful summit although we have some challenges," said ECCP executive director Florian Guttein.