The country’s biggest trade group, the Philippine Chamber of Commerce and Industry (PCCI), indicated life goes on amid the turmoil caused by the International Criminal Court (ICC) arrest of former President Rodrigo Duterte as it added Tuesday’s drama has not affected sentiment thus far.

“Since what happened was 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,” George Barcelon, chairperson of the PCCI, told reporters at the sidelines of the signing of a memorandum of understanding between the PCCI and the Chamber of Commerce and Industry of Slovenia on Wednesday.

Earlier, analysts, along with Philippine Stock Exchange chief Ramon Monzon believed that the former president’s arrest would not have a substantial impact on the capital market.

Adverse effects less likely

“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 the adverse effects will be less. We are businessmen and we should look at it from the point of view where the country is on the advantageous side,” he said.

At the MoU signing, Trade Secretary Cristina Roque was also asked how the political drama unfolding in the country affects the appetite of foreign investors, with Roque answering: “The role of the DTI is to attract more foreign investors and grow the industries. That’s our goal at this time.”