Business groups support economy amid political turmoil

MANILA, Philippines — Six business groups yesterday affirmed their confidence in the Philippine economy despite an uncertain political climate.

“The Philippine business community remains strongly committed to supporting a competitive, resilient and inclusive economy,” the Financial Executives Institute of the Philippines, Institute of Corporate Directors, Makati Business Club, Management Association of the Philippines, Philippine Chamber of Commerce and Industry and the Philippine Finance Association said in a joint statement yesterday.

The statement was issued as the country grapples with massive corruption issues in flood control projects.

Last week, resigned Ako Bicol party-list Rep. Zaldy Co made allegations linking President Marcos to 2025 budget insertions and kickbacks.

“In a time of increased uncertainty, our message is clear: the private sector remains united in its belief in the Philippines’ long-term potential,” the groups said.

While the current political turmoil raises understandable concerns, the business groups said that the country’s long-term fundamentals remain strong, citing a well-regulated financial system, a stable banking sector and firms that continue to invest in the country.

They also said institutions that safeguard the markets continue to operate independently and rigorously, such as the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission.

Despite these, the groups emphasized the importance of governance in influencing investor sentiment.

“We therefore urge public institutions to ensure policy stability, uphold the rule of law and address corruption quickly and decisively,” they said.