Philippine President Rodrigo Duterte’s Outbursts Are ‘Scaring Away U.S. Investors’
Philippines President Rodrigo Duterte’s anti-American outbursts may be scaring away some U.S. investors.
According to Bloomberg, the Philippine semiconductor industry is worried as investments have halted and orders have been canceled.
“Hopefully, it doesn’t get to the point that they shut down,” Dan Lachica, head of the Semiconductor and Electronics Industries in the Philippines, told Bloomberg Markets.
Electronics count for almost half of the Philippines’ exports and among the U.S. electronic companies in the Philippines are Texas Instruments(TXN) and aerospace engineering company Moog (MOG-A).
Lachica declined to mention which companies have held off on further investment.
According to CNNMoney, Philippine equities have fallen since early August due to Rodrigo Duterte’s volatile conduct. He has variously called U.S. President Barack Obama a “son of a whore,” announced his “separation” from the U.S., attempted to ingratiate himself with Beijing and declared that he wants U.S. troops out of the country.
Rights groups and governments across the world have decried his savage, extra-judicial war on drugs, which has seen thousands of people killed by police and shadowy vigilante groups.
For information on the Philippines war on drugs, watch Fortune’s video:
Last week, Philippines Finance Secretary Carlos G. Dominguez III assured companies of the country’s commitment to U.S. investments in a meeting with top U.S. executives. Despite persistent fears, Dominguez told Philippine media that U.S. companies are not leaving the country.