PH should focus on investments amid US-China trade war, says Gordon


Posted at Jul 12 2019 04:17 AM

MANILA—Senator Richard Gordon on Thursday said he is concerned with the effects of the current trade war between the United States and China to the local economy, saying investors in China are moving out of the US and starting to transfer to Vietnam and other Southeast Asia countries, but not the Philippines.

Gordon said that the government should keep a close eye on the trade war and focus on creating opportunities. 

“Last night at the Red Cross, pinuntahan ako ng isang industrialist sa Taiwan,” Gordon said.

“They need 1,000 hectares. Alam kong naunahan na tayo ng Vietnam. Lumilipat ang China to Vietnam. Ngayon, binabanatan ng Trump ang Vietnam sa trade deficit nila. So, lilipat sa atin iyan kung mabilis tayo. Kung hindi tayo mabilis, mawawala sa atin.

"Kung ang focus natin ay collect taxes, dapat may focus rin tayo to collect investments. We have to do that. We cannot ignore that."

Gordon emphasized bureaucracy is one of the factors why investors hesitate to come to the Philippines.

“We are so bureaucratic. Dapat talaga, baguhin iyan. We have to take a look at that. Ano ang laban mo kung iyung kuryente mo mataas? Ayaw natin ng nuclear plant nu'ng araw, ayaw ng coal, ayaw natin ng incinerator,” Gordon said.

The senator has filed the RICH bill or Regional Investment and Infrastructure Coordinating Hub bill, which seeks to promote investments and infrastructure.