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Foreign investors remain cool on Philippines, seek greater stability

MANILA -- Foreign investors remain reluctant to put money on the Philippines despite reforms by President Benigno Aquino, locally-based Western and Asian business leaders said Wednesday. A year into Aquino's six-year term, the U.S., Europe, Australia-New Zealand, Japan and South Korean chambers said investors wanted stronger assurances that laws and policies were stable.

The comments came as the Asian Development Bank (ADB) said the country still suffered from red tape, weak rule of law and unpredictable policies, all of which were holding back foreign investment.

The central bank said foreign investment inflows to the Philippines in the four months to April fell 15 percent to US$552 million and the chambers suggested this was dwarfed by capital flows to many of its neighbors.

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