‘Hanjin condo probe could spook investors’

A ranking Palace official has expressed concern about the planned Senate probe on a high-rise condominium being built in the Subic Forest by Hanjin Heavy Industries and Construction Ltd., saying this could spook potential investors in the country.

Presidential Chief of staff head Cerge Remonde said in a phone-patch interview with Palace reporters that while the Senate probe being pursued by Sen. Juan Miguel Zubiri and Loren Legarda is “within” their right as senators, they should also consider the fact that Hanjin is among the biggest investors in the country today.

“We should condsider that Hanjin is not a fly-by-night operator. It’s one of the biggest investors in the Philippines, so such an investor could be expected to adhere to the rules and regulations of the host contries. That is why I think we should approach these issues like this, especially in view of our efforts to attract foreign investors in this country,” Remonde said.

He added, “If everytime we have major investors, then we will try to look for lapses, all our efforts might be in vain.”

Remonde said the Senate probe is “within the right of the Senate to do that, and let’s see the bottom line,” but in the meantime, Malacañang “stands by the DENR on hte issue”.

The Senate probe will look into allegations of violations committed by officials of Hanjin, the Subic Bay Metropolitan Authority, and the Department of Environment and Natural Resources (DENR) with regard to the $20 million high-rise condominiums constructed in the Subic rain forest.

Hanjin is a member of the country’s “billion-dollar club”, a name coined by president Arroyo to refer to foreign investors that have infused at least $1 billion in the country.

Last year Hanjin invested $1.684 billion to build a shipyard in Subic.