Malaysian trade chief says Philippine security issues a `temporary aberration,’

September 7, 2017

Malaysian Trade Minister Mustapa Mohamed said Philippine security concerns are a "temporary aberration" but the country faces bright economic prospects with its growing middle class, young population and other pluses.

The Malaysian trade minister is in Manila for an annual meeting of trade officials of the Association of Southeast Asian Nations, or ASEAN.

"We see this as a temporary aberration. There are ups and downs in any country," Mustapa told reporters Tuesday evening.

The Philippine military is in the final stages of  eliminating the remnants of ISIS-linked Maute-Abu Sayyaf Group, who attacked Marawi City last May 23. Nearly 800 people, including many militants, have been killed.

"It is most unfortunate what is happening now but we believe in the medium and longer term. This region is very stable, very peaceful. This is temporary so you have to look at the medium or longer term," Mustapa said.

Mustapa believes the Philippine government is committed to addressing those concerns.

“I have been coming in and out of this country ever since 2010 and sometimes I go here twice a year, but every year since 2010 I could see the changes happening in this country, the transformation, and there’s a lot of potential,” he said.

At the sidelines of the ongoing ASEAN meeting, Mustapa also officiated the formal launch of the Malaysia Chamber of Commerce in the Philippines – the first to be established by an ASEAN member-state in the country.

The Malaysian business chamber, Mustapa said, shows Malaysia’s positive business outlook for the Philippines.

“I’ve seen the last 10 years the growing interest by foreign companies of doing business in this country. And I’m also seeing more and more Philippine companies coming to Malaysia, which is good because it will promote closer ties and peace and stability in the region,” he said.

“The population is large. You have a lot of young population, growing middle class so these are some of the attractions,” he added.

Trade between Malaysia and the Philippines in 2015 reached $4.5 billion or about P218.8 billion, which is 3.6 percent of the country’s total foreign trade. DMS