The European Chamber of Commerce of the Philippines (ECCP) has expressed their concerns over the recent delay in the release of license plates by the Land Transportation Office (LTO).
The Chamber said their concerns come over the stability and often predictability of doing business within the Philippines.
A statement released by ECCP hit the country’s ability to provide stability, citing the challanges being faced by the contract awarded by the Department of Transportation to JKG-Power Plates which won a 3.18-billion peso contract to deliver the plates.
So far, only 477-million pesos worth of plates have been delivered due to the Commission on Audits for disallowing additional disbursements for the project in July.
“It is simply unfathomable that the common principle of sanctity of contract can be completely disregarded here. How can the country attract foreign investors if even a signed contract offers no assurance that the other party, in this case the government, will respect it,” ECCP vice president Henry Schumacher said.
The contract agreement was a joint venture between a Dutch firm and a Filipino company, but the ECCP said they are basically fed up with the agreement.
Schumacher said none of the alleged defects in the procurement process is attributable to the foreign supplier, and yet it is the company and the public who are suffering the consequences.
ECCP noted that the world is paying attention to the business climate of the Philippines – leading many to easily see the predictability on the ease of doing business within the country.
Like Us on Facebook
Latest posts by Timothy Walker (see all)
- Fil-Am and American turn themselves in on drug run in US - November 7, 2017
- Philippines suspends Uber, Grab vehicle registrations as backlog mounts - November 7, 2017
- Mad, bad or misunderstood? What is Kim Jong Un really thinking? - August 28, 2017