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News Press Releases PH SHOULD FOCUS ON INVESTMENTS AMIDST US-CHINA TRADE WAR - GORDON

PH SHOULD FOCUS ON INVESTMENTS AMIDST US-CHINA TRADE WAR - GORDON


July 12, 2019 Press Releases

Senator Richard J. Gordon expressed concern over the effects of the current war on trade between the United States of America (USA) and China to the Philippines' economy, saying that investors in China are moving out from the US and starting to transfer to Vietnam and Cambodia, and other countries in the Southeast Asia, but not to the Philippines.

In a media forum Wednesday, Gordon said that the government should be watchful of the trade war and focus on creating opportunities.

"Speed is the name of the game. Last night at the Red Cross, pinuntahan ako ng isang industrialist sa Taiwan. 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 said.

The Senator likewise mentioned that if the Regional Investment and Infrastructure Coordinating Hub (RICH) Bill has not been vetoed, the Philippines would have more opportunities for investments and industrial parks.

"We would have more investors coming in. This would generate more jobs, increase capital flow and create inclusive wealth. I'm definitely going to re-file the bill this 18th Congress. Let this not be another missed opportunity for this country," he said.

The RICH Bill, authored by Gordon, encourages and promotes investments and infrastructure, particularly in the region, to address bottlenecks, lay the foundation for long-term growth, create jobs and opportunities, and improve the quality of life for the people.

Gordon also emphasized that 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 'nung araw, ayaw ng coal, ayaw natin ng incinerator," Gordon said.