Chinese businessmen backing out because they can’t stomach corruption here – Duterte
President Rodrigo Dutere himself admits that he was far from turning the tide in his losing battle against government corruption.
Duterte said corruption has become so bad that foreign investors have backed out after initially expressing interest in investing in government projects.
“I’ve been to many places to borrow money. There’s a momentum but I think because of — I’m dealing with corruption,” said Duterte in a speech in Ipil, Zamboanga Sibugay Thursday night.
“There were those from China who backed out because of the extortions. So I fired many officials,” he added.
Duterte did not name the Chinese businessmen who were turned off by the corruption nor the projects that were infested with corruption nor the officials he fired.
His expose is a major blow to the government’s efforts to attract foreign capital in the country especially with the massive funds needed to bankroll his ambitious but delayed Build infrastructure program.