Business groups hit for economic sabotage

Sen. John Osmeña accused business groups yesterday of economic sabotage to speed up the resignation of President Estrada.

This developed as the heads of the Philippine Chamber of Commerce and Industry (PCCI) and the Association of Security Analysts of the Philippines (ASAP) clarified that what they were actually calling for is a constitutional change in leadership, not the immediate resignation of the President.

Osmeña said some business groups are manipulating the financial markets to make it look bad and thus blame the firestorm on the President.

"They are making the economy bad to force the resignation of the President," he told a press conference.

Osmeña, chairman of the Senate committee on finance, also scored businessmen for trying to dictate to the Senate when it should finish its probe on the jueteng scandal and how to conduct the impeachment proceedings.

He said businessmen should never interfere in the affairs of the chamber.

At least 14 business groups have already called on Mr. Estrada to resign to save the economy.

Eleven of these groups earlier signed a joint statement which demanded the President’s resignation.

They said that allegations he accepted illegal gambling payoffs had created a leadership crisis that would bring worsening economic hardships, especially for the country’s poor.

The business groups said they were "gravely concerned with the toll that this crisis of confidence is taking on the economy and the lives of the people.

"The heaviest penalty will be paid by the poor and the jobless – as more businesses close, layoffs rise, prices for basic commodities increase and the number of new jobs taper."

The signatories were the Bishops-Businessmen Conference (BBC), the Cebu Business Club (CBC), the Financial Executives Institute of the Philippines (Finex), the Foundation for Economic Freedom (FEF), the Iloilo Business Club (IBC);

The Information Technology Foundation of the Philippines (ITFP), the Investment Houses Association of the Philippines (IHAP), the Makati Business Club (MBC), the Management Association of the Philippines (MAP), the Muslim Business Forum (MBF), Philippine Computer Society (PCS) and the Philippine Marketing Association (PMA).

"We foresee continued economic hardship for the people as long as this crisis of leadership continues," the statement said.

The PCCI and the ASAP then came out with their own statements, but later clarified that what they are calling for is a constitutional change in leadership.

PCCI president Miguel Varela explained that although their chamber’s board voted for Mr. Estrada’s resignation, it still adheres to a constitutional process.

"PCCI is for the economy, not for anybody or any personality. If President Estrada will not resign, then we will call for an expeditious impeachment process," he said.

PCCI vice presidents Sergio Luis-Ortiz and Donald Dee said their voting which took place on Nov. 5 was actually "breached."

"Not all member-associations were present," Ortiz-Luis said. "We will have another general assembly to confirm our decision."

ASAP chairman Harry Liu also clarified his group’s position.

"We are for the constitutional process," he said. "We are for upholding the constitutional procedure (in resolving the crisis). We are not for the abrupt resignation of the President because that goes against the constitutional procedure."

In other developments yesterday, the Philippine Federation of Business and Professional Women has also called for Mr. Estrada’s resignation.

It said that it wants the President to answer all allegations, especially those that concern his mansions. – Perseus Echeminada, Marvin Sy