Philippine President Rodrigo Duterte To Welcome foreign investors

Philippine President Rodrigo Duterte To Welcome foreign investors

Philippine President Duterte Plans to Open Up Economy to Foreign Investors

 has announced plans to open up the country’s power, energy, and telecoms sectors to foreign investors to reduce corruption and protectionism. Following his return from the Asia-Pacific Economic Cooperation summit, Duterte expressed his intention to increase competition in the telecoms sector, dominated by Philippine Long Distance Telephone Co and Globe Telecom, and to hasten the entry of new players into the energy sector. He also received assurances from Chinese President Xi Jinping that investment deals agreed upon in October would be accelerated.

Philippines’ Duterte Vows to Open Economy to Combat Corruption and Protectionism

Philippine President Rodrigo Duterte has pledged to open the economy to new companies to combat corruption and protectionism. Duterte wants to liberalise sectors like energy, power and telecoms to make the country more competitive, provide better services to Filipinos and share the wealth. Despite concerns over his volatility, the Philippine economy has grown at one of the world’s fastest rates since Duterte was elected in May. According to Forbes Magazine, the Philippines has 21 billionaires, with a record number in 2016.

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