Senator Juan Miguel Zubiri underscores the increasing caution of foreign investors towards the Philippines, citing persistent labor issues and wage concerns.
MANILA – In a recent statement, Senator Juan Miguel Zubiri expressed concern over foreign investors’ growing hesitation towards investing in the Philippines due to persistent labor disputes and wage issues.
Zubiri, a veteran lawmaker and former Majority Leader, has long been a champion for improving the business environment in the country. He emphasized the significance of addressing labor issues to attract foreign capital, which can stimulate economic growth and job creation.
“It’s important that we resolve these issues swiftly,” Zubiri said. “Foreign investors are an essential part of our economy, and their confidence in our country has a direct impact on our growth and development.”
The Senator’s comments come amidst a backdrop of recent labor strikes and debates over wage regulation in the country. Critics argue that the lack of comprehensive labor reforms and consistent wage policies may discourage foreign businesses from setting up operations in the Philippines.
The Philippines’ Department of Labor and Employment (DOLE) acknowledged the concerns raised by Zubiri, stating that they are making concerted efforts to address these issues. “We understand the impact that labor unrest and wage concerns can have on investor confidence. We are taking necessary steps to address these matters,” said a spokesperson for DOLE.
It is crucial for the Philippine economy to attract foreign investors to boost its recovery, particularly after the recent economic contraction due to the COVID-19 pandemic. However, Zubiri’s remarks underscore the need for comprehensive labor reforms and stable wage policies to ensure sustainable economic growth and to create a conducive environment for foreign investments.