Business groups urge Marcos to heed public's call for transparency, accountability

BUSINESS GROUPS on Monday urged the Marcos administration to heed the public's call for more transparency and accountability, and to ensure there are meaningful reforms to address corruption.

- Justine Irish D. Tabile and Chloe Mari A. Hufana

This comes a day after thousands of Filipinos joined nationwide rallies to express outrage over billions of pesos lost to graft in flood-control projects.

"The protest underscores the public's call for stronger accountability and transparency — values that can ultimately reinforce the country's business and investment climate," Philippine Chamber of Commerce and Industry (PCCI) President Enunina V. Mangio said in a Viber message.

"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 added.

Ms. Mangio, however, said the business community is keeping a close eye on how these protests may impact the investment climate.

"This is what we are trying to monitor and address. We fear that foreign investors might take the wait-and-see attitude for the time being," she added.

The Philippines can secure long-term investor confidence and growth by having a proactive government engagement, clearer communication, and a commitment to good governance, Ms. Mangio said.

The Federation of Philippine Industries (FPI) said that the anti-corruption protests reflect "deep public demand for transparency, accountability, and good governance in the management of public funds" that carries implications for the business and investment community.

"In the short term, recent political developments may prompt greater caution among some investors; however, this also presents an opportunity for the Philippines to demonstrate its commitment to transparency and reform, which can strengthen long-term investor confidence," FPI said in a Viber message.

However, FPI Chair Elizabeth H. Lee said that restoring and sustaining investor confidence would require urgent and concrete steps from the government.