Business as usual amid FPRRD's arrest — PCCI

The Philippine Chamber of Commerce and Industry (PCCI), the country’s largest business organization, stated that it is too early to determine if former President Rodrigo Duterte’s arrest will affect the business environment.

“Since what happened was too fast and abrupt, then it’s too early to tell. Life goes on and we haven’t heard any bad comments from our foreign and domestic investors,” said PCCI Chairperson George Barcelon on Wednesday during the signing of a Memorandum of Understanding (MOU) between PCCI and the Chamber of Commerce and Industry of Slovenia at the PCCI office in BGC, Taguig.

Earlier, Philippine Stock Exchange (PSE) President Ramon Monzon and analysts shared similar sentiments, believing the arrest would have minimal impact on the capital market.

“We are on the business side and we are busy attracting foreign investments via investment missions. Business is business and life will go on. We just hope that there will be lesser destruction. We are businessmen and we should look at it from the point of view where the country is in the advantageous side,” Barcelon added.

Trade Secretary Cristina Roque, also present at the MOU signing, was asked about the impact of the ongoing political turmoil on investor confidence.

“The role of the DTI is to attract more foreign investors and grow the industries. That’s our goal at this time.” she responded.

Duterte was arrested on Tuesday for alleged crimes against humanity linked to his administration’s anti-drug campaign. Hours later, President Ferdinand Marcos Jr. confirmed that Duterte was being taken to The Hague to face charges.

The plane carrying Duterte made a layover in Dubai on Wednesday morning before continuing to the Netherlands.