MANILA, Philippines — Simultaneous protest actions held on Sunday to demand accountability and transparency in the wake of revelations of massive corruption in flood control projects should provide an opportunity for the Marcos administration to show its commitment to good governance as well as to rebuilding investor confidence, business groups said.
Philippine Chamber of Commerce and Industry (PCCI) president Enunina Mangio said in a Viber message yesterday that the protests underscored the public’s call for stronger accountability and transparency, which are values that can reinforce the country’s business and investment climate.
“If met with constructive reforms and consistent policy direction, these developments could pave the way for a more stable, predictable and attractive environment for investors,” she said.
Mangio said actions to show the government’s commitment to good governance would be key to turning the latest events into an opportunity to promote long-term confidence and growth.
For the Federation of Philippine Industries (FPI), the widespread protests and the strong sentiments expressed by the public underscore not just the deep public demand for transparency and accountability, but also good governance in the management of public funds.
“For the business and investment community, these developments carry important implications. In the short term, recent political developments may prompt greater caution among some investors,” FPI said.
The group said the latest developments also provide the government with a chance to demonstrate its commitment to transparency and reform, which can strengthen long-term investor confidence.
“We believe that if addressed decisively, this moment can become a turning point that reinforces the foundations of our economy,” FPI chair Elizabeth Lee said.
To promote transparency, the FPI said swift and credible inquiries into the corruption allegations must be pursued, with findings made public and those found liable dealt with accordingly.
Institutional reforms
In addition, it said institutional reforms should be put in place, including strengthening the procurement, audit and oversight mechanisms to prevent the recurrence of ghost projects and misuse of public funds.
“Economic managers must provide consistent communication to reassure both domestic and international investors that the country’s macroeconomic fundamentals remain sound,” the FPI said.
The group also cited the importance of collaboration among the government, industry and civil society to ensure that public concerns are addressed through reforms to deter unrest.
“We believe that by confronting these challenges with transparency and resolve, the Philippines can emerge stronger, more competitive and more attractive to long-term investment, while at the same time safeguarding the stability that local businesses, manufacturers and producers depend on to grow and thrive,” the FPI said.
The European Chamber of Commerce of the Philippines (ECCP), for its part, said the strong call for integrity, transparency and accountability in the use of public funds is crucial in engendering an attractive environment for both European and Philippine businesses.
Apart from swift, transparent and time-bound investigations with due process and public reporting of findings, the ECCP said stronger public procurement controls and open data systems such as full e-procurement, real-time project monitoring and the effective blacklisting of erring parties are necessary to restore both public trust and investor confidence.
“For investors, what matters most is whether institutions respond decisively and predictably,” the ECCP said.
“Credible governance, consistent enforcement of the rule of law and clear, stable policies are the key drivers of business and investment confidence and serve as the foundation for long-term economic partnerships,” the ECCP added.
Meanwhile, the Federation of Filipino Chinese Chambers of Commerce and Industry Inc. issued a statement yesterday calling on “the government, private sector and very citizen to resolutely confront the cancer of corruption eroding our nation’s foundation.”
It cited the need for “systemic reforms built on radical transparency, efficiency and ruthless accountability.”
Kidapawan Bishop Jose Colin Bagaforo, who is also the lead convenor of the Church Leaders Council for National Transformation, said that while last Sunday’s Trillion Peso March was a success, the fight against the “despicable evil of corruption” will continue. — Evelyn Macairan, Daphne Galvez