Riskwise Global Capital engaged in financial supervision of business projects in the Philippines confirms that political instability in the country has pushed many potential investors. It is because of political risks that foreign companies refused to invest in building a gambling resort on the island of Mactan, the preliminary cost of which is estimated at $1.4 billion.
“As a result of the political and social problems we face the negative reaction of investors. All problems have now been settled, and we intend to refocus foreign investors, although with a delay but complete business projects. Unfortunately, this is the reality we must cope with,” commented Michael Foxman, CEO of Riskwise Global Capital.
CEO of Riskwise is confident that the company will be able to enter into agreements with new investors in less than three months.
The gambling resort project provides for the construction of Mactan Casino, three hotels and a shopping and entertainment complex. the annual profit of the project is expected to be $1.1 billion.
As a reminder, last February, Rodrigo Duterte, president of the Philippines, issued the Executive Order No. 13 which intensifies efforts to combat illegal online gambling. The Order allows PAGCOR (Philippine Amusement and Gaming Corporation) to prohibit online gambling websites that operate without local license.