Business sector affirms commitment to economy amid political turmoil

Six prominent groups representing the business sector reaffirmed their commitment to invest and create jobs in the Philippines amid weakening sentiment in the economy, fueled by what they described as a political turmoil stemming from the ongoing corruption scandal.

- By DEXTER BARRO II

In a rare joint statement sent to the media moments after a pivotal reshuffle in the administration's economic team, the business groups emphasized that they remain committed to supporting the Philippine economy.

"While the current political turmoil raises understandable concerns, we stress that the country's long-term fundamentals remain strong; anchored by a well-regulated financial system, a stable banking sector, and companies that continue to invest in and believe in the Philippines," the groups said on Monday, Nov. 17.

The statement was signed by Makati Business Club (MBC), Management Association of the Philippines (MAP), Philippine Chamber of Commerce and Industry (PCCI), Financial Executives Institute of the Philippines (FINEX), Philippine Finance Association, and Institute of Corporate Directors (ICD).

In a statement that essentially serves as a pitch to potential investors, the six business groups said that the institutions safeguarding local markets "continue to operate independently and rigorously".