The Employers Confederation of the Philippines (ECOP) is calling on the government to strengthen its investigation into alleged anomalies in flood control projects, warning that investor confidence has sharply deteriorated as corruption concerns continue to spread.

ECOP president Sergio R. Ortiz-Luis Jr. said the controversy has contributed to a noticeable decline in foreign investor engagement, noting that business groups previously received frequent inquiries and visits from overseas firms. “Ngayon halos wala (Now, almost nothing),” he said in a recent interview, describing how interest has slowed significantly since the issue surfaced.

Ortiz-Luis, who also heads the Philippine Exporters Confederation, said the current situation is more damaging than earlier challenges such as red tape and security issues. He warned that investor hesitation is alarming at a time when the Philippines already trails its ASEAN-5 neighbors in foreign investment, tourism, and export performance. Countries like Vietnam, he said, have overtaken the Philippines in areas where it once held an advantage.

To restore confidence, Ortiz-Luis urged the government to ensure that the investigation into alleged misuse of public funds results in clear accountability. He noted that while investors welcomed the creation of the Independent Commission on Infrastructure (ICI), many now feel progress has been slow. “Parang discouraged sila na wala ring nangyayari at masyadong mabagal at kulang ng power (They seem discouraged that nothing is happening, and it's too slow and lacking power),” he said.

Ortiz-Luis added that the scandal has weighed more heavily on investor sentiment than prior disruptions, raising concerns about public trust in government and the potential for unrest if accountability is delayed. He said the business community has recommended strengthening the ICI and appointing members whom the public can trust.

Asked whether the ongoing probe must lead to jail time for those responsible, Ortiz-Luis replied: “Dapat siguro. Yun ang hinihintay ng tao (It’s only right. People want this).”