Philippine Stock Exchange (PSE) President Ramon Monzon expressed support for the creation of the Independent Commission for Infrastructure (ICI), describing it as a crucial move to address political uncertainty and widespread corruption allegations weighing on investor sentiment.
“I think the formation of an independent commission for infrastructure to investigate all these corruptions was a right step forward,” Monzon said in a Bloomberg interview Monday (Manila time).
“But of course, the investigation results must be swift, credible, and fair,” he added, emphasizing that fairness must apply to all—even “if it hits the allies, senators and congressmen.”
President Ferdinand Marcos Jr. created the ICI through Executive Order No. 94, mandating it to probe alleged anomalies in flood control projects spanning the past decade.
The body is composed of Public Works and Highways Secretary Rogelio Singson and SGV & Co. Country Managing Partner Rossana Fajardo as members, with former Philippine National Police Chief Gen. Rodolfo Azurin Jr. as special adviser.
In August, Marcos disclosed that between July 2022 and May 2025, the government approved 9,855 flood control projects worth P545.64 billion. Many of these were “ghost projects” — declared complete but non-existent — while others were flagged as substandard.
Market dips below 6,000
On 29 September, the PSE index (PSEi) closed at 5,997.60, down 0.49 percent — continuing a months-long downtrend from its 7 April close of 5,822.85.
Asked whether he expects further decline, Monzon said: “Yes, I think until foreign investors see clarity in the results of investigation they will continue to price in risk in our market.”
He added that the ICI's findings could potentially help reverse the market trend.
“As you can see in the September 21 rally, I think a lot of people are angry,” he said.
“I think they [the government] recognize this. I don't think this is going to be one of those cosmetic investigations that will be short-term,” he added, noting the potential for “significant results that will hopefully change the governance of the local political leaders.”
“It's very important that something swift, credible, and all-encompassing investigation should be, and prosecution should be done,” Monzon said.
The PSEi closed at 6,000.32, down 1.78 percent — snapping a three-day winning streak. The session ended with 64 advancers, 139 losers, and 58 unchanged.
