Race to the bottom

That’s the title of today’s editorial in TODAY newspaper, found here: ABS-CBNNEWS.COM

It concludes with this damning observation:

And, let’s face it, the reason foreign capital prefers to go to Thailand (despite the self-evident conflict of interest of a notoriously grasping businessman running the country), Vietnam (despite dirt-cheap living standards), Sri Lanka (despite Tamil Tigers), Cambodia (despite unspeakable criminality), Indonesia (despite being a social volcano and religious powder keg), China (despite a bewildering administrative environment) or, for that matter stone-age Laos and medieval Burma, or even overpriced Malaysia, Singapore and Taiwan is that no one can abide the raucous local labor movement and relatively higher cost of labor not to mention the entrenched corruption in the Department of Labor and in so many regulatory agencies.

Add the fact that money, not precedents, frequently dictates judicial decisions and one would have to be totally crazy to invest here.

Manuel L. Quezon III.

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