Foggy outlook

A cloudy outlook is emerging on the in- vestigation of the Independent Commission for Infrastructure (ICI) following the res- ignation of former Public Works and Highways Secretary Rogelio “Babes” Singson.

- FIL C. SIONIL

The timing of the announcement was skillfully done, as it came after the closing bell for the day at the Philippine Stock Exchange (PSE) as well as the trading at the spot currency market.

For this staunch market observer, any change of this magnitude influences and has ripple effects on equities and foreign exchange trading—it could heighten selling because it speaks of uncertainty and credibility.

And from the standpoint of one of my market gurus: the real question isn’t Mr. Babes’ exit itself. The nagging question is “whether the ICI’s work continues uninterrupted and credibly.”

It also came three days after the Nov. 30 “trillion peso march,” with protesters seeking transparency in the ICI’s investigation into those involved in the flood gate mess, believed to be the worst corruption scandal to date.

Otherwise, Mr. Babes’ resignation would have been the rallying point and main focus of the discourse during the rally. I fully subscribe to the observation of Philippine Business Bank President Roland Avante that the former DPWH Secretary during President Noynoy Aquino’s term was “gentlemanly and considerate” enough to disclose his leaving the position shortly after the closing of the financial markets on Wednesday, as well as after the second “trillion peso march” on Sunday.