CEBU, Philippines - Business leaders in Cebu said the murder of hotelier Richard King is not seen to have any major impact on local economy at least in the short term.
However, they warned that the case might spiral into an economic issue if left unresolved.
"The feeling I get is this is still looked at as an isolated case by the business community so there might be very little impact, if any, on the local economy," said Ma. Teresa Chan, president of the Cebu Chamber of Commerce and Industry.
In a statement issued by CCCI immediately after the slaying of King in Davao City one day after the Philippine Independence Day celebration, Chan said the chamber was saddened by the businessman's death.
"We recognize his creative concept that is unique in the hotel industry which also created job opportunities. Our sincerest condolence to his family," Chan said.
Chan said the death of King was a big loss to the tourism and hotel industry in Cebu.
"The external lightning, the ride, and skywalk in his hotel are interesting tourist attractions which I am proud of, for Cebu," Chan said.
Chan was confident, however, that the police will give priority to the quick resolution of the case.
She also called on the public not to take the law into their hands, adding it's "not right to be the defender and judge of your own case."
In a separate interview, Mandaue Chamber of Commerce and Industry president Philip Tan expressed apprehensions over the ongoing probe, saying "if nothing comes out of the investigation, this might discourage other investors to choose the Philippines."
Tan said there have been a number of businessmen killed in the past and whose cases remain unsolved up to now.
"This may put our country in the bad light if left unattended," he said, reiterating the role of peace and order as key to encouraging investors to pour in capital in a country.
King, who was laid to rest Wednesday at the Cebu Memorial Park, was the chief executive officer of J. Kings and Sons Co. Inc. which operates the 40-storey Crown Regency Hotel in Cebu City.
Earlier, the management and staff of J. Kings and Sons were grieving over King's loss.
A statement posted on the company's Facebook page pointed to King's inspired and innovative leadership instrumental to why the Crown Regency chain of hotels flourished and earned its niche in the tourism sector.
"His siblings and corporate management team will continue all operations of J. King and Sons Co., Inc. and its affiliate companies," the statement read.
The company also appealed to all concerned sectors, including the media, to await the investigation result of the case and refrain from hurling malicious lies and accusations about King. (FREEMAN)