Biz groups seek institutional reforms, good governance

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.

- LOUELLA DESIDERIO

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.