President Rodrigo Duterte is not worried by the recent downturn of the country's stock market after drawing flak for drug-related killings in the country.
Duterte asserted that investors are free to leave the country, adding that he is not a believer of the stock market anyway.
"Puro paper man 'yan, shares of stock. Unless I see that money converted into hard projects," Duterte said in his remarks before the Filipino community in Vietnam last Wednesday night.
A foreign credit rating agency earlier expressed concern that the Duterte administration's campaign against illegal drugs might hurt local economic growth.
According to Standard and Poor's, the Philippines is unlikely to get a credit rating upgrade in the next two years due to Duterte's unpredictability in domestic and foreign policies.
However, the President doubts about the S&P's decision not to upgrade the country's credit ratings shortly after he criticized US President Barack Obama.
Earlier, the President said foreign businessmen who cannot stand his foul mouth could pack up and leave the country if they want. Duterte said he could always go to other allies such as China and Russia to seek trade and investments for the country.
Source: Manila Bulletin
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