President Rodrigo Duterte announced on Wednesday to open up Philippines' economy for new foreign ventures sending a strong message to the country's business tycoons stating that he owed them no favors and to be content with the riches already.
The president aims to halt graft and protectionism and to improve product and service and make the country more competitive, profiting the Filipinos rather than the oligarch businessmen that have been profiting from Philippines for many years.
"The only way for deliverance of this country is to remove it from the clutches of the few people who hold the power and money," the president said.
"I do not owe you anything, that's precisely why I was avoiding you during the last election. I am not trying to destroy you. You have the advantage, you're here already, be content with that. But let us open everything," he added.
It's been a challenge for foreign companies to put up business here in Philippines due to red tape but the president vowed regulation reforms and make a competition open to all.
"You can count on your fingers the power players of this country. I would not say that they are the elite," said President Duterte.
"I would like to send this strong message: it's about time that we share the money of the entire country and to move faster and make competition open to all. You stymie competition, and we will always be at the mercy of the corrupt people," he added.
According to Forbes Magazine, the Philippines has 21 billionaires with the richest worth $12 -B.
The Philippine's economy expanded 7.1 percent in the July-September period, despite some analyst's fear that Duterte' presedency will drag slow the economy.
Based on a surge in investment and strong consumption, the country's economy grew 6.4 percent annually from 2012 to 2015.
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