Safeguards urged as foreign investors forge ties with locals
DAVAO CITY — Safeguards have to be placed in order to protect local investors from possible abuses, lawyer Wendel Avisado, city administrator, said.Avisado told print reporters Monday that while local businessmen need to link or partner with foreign investors to expand their network, it is imperative to ensure there are enough mechanisms so they will not be shortchanged.
He cited cited the inauguration Saturday of the Japanese Chamber of Commerce of Mindanao as an indication of expanding economy (See related story). He said it will also send signal for the creation of similar groups, like that of Korean businessmen in the city. He cited earlier business groups, including the Filipino-Chinese businessmen.
Organized foreign business groups, he said, need not be seen as threat to local counterparts.
He said such groupings help establish linkage and also expand the networks of the local business community.
He said the city’s peace and order advantage, support systems such as emergency assistance and modern traffic system, major infrastructure investments, and environmental safeguards do not escape the minds of the foreign investors.
He said the Philippines corruption-stained international reputation could not thumb down Davao City’s attractiveness to investors because of transparency in local governance.
Avisado said, however, that Dabawenyos must be always observant and curious about contracts or agreements they are signing with any foreign groups.
He said the case of a contract between Filipino growers and a Japanese investor for the fruit industry is an example.
He said there must be restraint or a safety barrier in agreements so the local partners will not suffer loses.
He cited the need to harness resources in terms of negotiating skills to get a good bargain as one thing that could be done to help avert this problem among local investors. (Walter I. Balane/MindaNews)