While some sectors of the industries are surging high in terms of foreign investment in practical terms, there are reasons why investment in the Philippines is in the threshold of inaction. The government which consists of legislative, executive and judiciary branches need to show efficiency, honesty and reliability.
Why efficiency, honesty and reliability?
When all of the branches operate with utmost efficiency, it is expected that investors both local and foreign will be highly motivated to make the investment as they foresee that these government machineries will be there to lend a hand where it is needed.
But do we see efficiency in the legislative? I find nothing of this kind. Sanofi’s Dengvaxia immunisation is one example. The legislative including the executive branches of the government failed to take the necessary care and diligence when they approved or acted to request for Sanofi’s vaccine product when this very approved vaccine cannot protect first-time users. In fact, a more severe disease is expected for those not previously sick and infected.
In the Senate hearing, Sen. Richard Gordon received information from Volunteers Against Crime and Corruption, a non-governmental organisation, who claims that three children who were vaccinated with no history of previous infection of dengue already died. The hasty approval with such large number for an amount of 3.5 Billion pesos or about $US69.54 million is a murky business.
Sanofi, according to Gordon in his investigation, has been the subject of numerous complaints from different foreign governments (U.S, France, Germany, etc) and after investigations, this company has been subject to fine or penalty. About 730,000 children according to the report have been vaccinated and they are being monitored right now. The use has been suspended until further notice by the local FDA.
The people from the executive branch of the government headed by Noynoy Aquino, former President and his Health Secretary Janette Garin have been the subject of intense questioning and yet professed that there is nothing irregular with the purchase done in haste. But this is normal information because they cannot incriminate themselves with this investigation.
Watch: Senate investigation on Dengvaxia (Source: inquirer.net)
If there is honesty in the government, investors local and foreigners will be encouraged to do business with the government. Judges are enjoined to see themselves in a mirror if they are honest in the work and intend to promote fair and justice in their duties. We often hear people are screaming because of delay in the proceedings; they head up and nothing is done. A simple motion to postpone a case is granted left and right without seeing that litigants have waited too long and yet arraignment is adjourned for no significant reason.
The issue of reliability with the government officials or governance is important to encourage business. It is certainly a factor if the local and foreign investors have so much confidence in the people they are dealing with that will bring positive results.