Foreign direct investment (FDI) inflows in the country have the potential to grow fivefold with absence of corruption in the ground, former president European Chamber of Commerce of the Philippines (ECCP) Michael Raueber said.
“In completely corruption-free environment, our foreign direct investment should be five times bigger,” he said at the Integrity Summit 2015 press conference in Makati City on Thursday.
Raueber mentioned that complex procedures in bureaucracy were prone to corruption; hence, the need to cut red tape.
The Philippines attracted $6.0 billion worth of investments in 2014, an increase from $4.0 billion in the previous year.
However, the country’s FDI inflows remain low compared to other Southeast Asian neighbors like Singapore with $68 billion, Indonesia with $23 billion, Thailand with $13 billion, Malaysia with $11 billion, and Vietnam with $9 billion.
“The Philippines took a big step in fighting corruption and the government strongly campaigned and implemented measures to eradicate it in each agency. But corruption has not been fully eradicated but we can say that much has been accomplished,” the former ECCP chief noted.
“Private sector is one with the government to fight against corruption,” he added.
The private sector-led Integrity Initiative will hold its fifth Integrity Summit on December 9 at Shangri-La Hotel Makati with the theme “Investing in Integrity”.
The Integrity Summit gathers business leaders, anti-corruption and good governance experts, key government representatives, church, youth, and the academe to promote the creation of more ethical standards in both private and public sectors.
The Integrity Initiative also urged public and private institutions to sign the Integrity Pledge, a commitment to ethical business practices and good corporate governance which is signed by an organization’s head.