Philippines politics alienates investors
The political risk in the Philippines is discouraging potential investors.
Philippines.- Riskwise Global Capital affirmed that the obvious political risks in the Philippines are discouraging potential investors. The group said that it was the prime reason why investors decided to backtrack their interest in a US$1.4 billion project set to be built in Mactan.
CEO Michael Foxman said to the Philippine Stock Exchange: “As with many foreign companies who had been working feverishly to undertake projects in the Philippines during 2016, we have experienced investor backlash as a result of political and social issues. These issues now having settled down, will enable us to re-navigate foreign investor sentiment with the view that we can conclude our business aspirations, as initially planned, however, late. It’s unfortunate however a reality that we must work through.”
The project was scheduled to begin the construction process in January with a completion date set for 2020. Even if the proposal is nine months behind schedule, the CEO is confident that they will shape an agreement with new investors in less than three months. “Due to the nature of the PAGCOR license, we will wait until our joint venture partner has joined our group formally, at which time we will undertake all licensing and permitting,” he added.
The Mactan casino resort is featured in 14 hectares and it will also offer three luxury hotels, as well as an entertainment complex with a full scale casino and retail shopping. The gambling project is set to generate ten of thousands of employments and it will generate more than US$1.1 billion in gross revenue annually.
