Business groups raise alarm over Pasay kidnapping incident

Business organizations have raised concerns over the recent kidnapping of a businessman in a seafood restaurant in Pasay City, calling it a troubling development that could affect investor confidence and the country’s business climate.

The Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. (FFCCCII) confirmed that while the victim is not a member of their federation, many of their members know the victim personally. Former FFCCCII president Cecilio Pedro said the businessman is well-regarded within their circles, known as a friend to several members and a supporter of various federation projects. 

He emphasized that any form of kidnapping, whether it involves small or large business owners, is a cause for concern for the entire business community. Pedro expressed hope that the case would be resolved swiftly and the perpetrators held accountable.

The victim is reportedly a civic leader who is active in philanthropic work.

Meanwhile, the Philippine Chamber of Commerce and Industry (PCCI) acknowledged the seriousness of the situation. PCCI President Enunina Mangio, in a statement, confirmed that the victim is not affiliated with their organization. However, she noted that the abduction of a businessman remains a significant concern for the country’s largest business group.

Mangio pointed out that while the PCCI has not received reports of any similar incidents involving its members nor seen a rise in kidnapping cases nationwide, such events — though isolated — can still negatively impact investor perception. 

She warned that if these cases continue or escalate, they could damage the Philippines’ image as a secure and stable investment destination, potentially discouraging both local and foreign investors.

Both Pedro and Mangio stressed that incidents like these, even if not widespread, have far-reaching implications for business operations and investor confidence. They urged authorities to take swift action and ensure the safety and protection of entrepreneurs in the country.