MCCI: Rising crime rate to dampen biz prospects

CEBU, Philippines — The recent killing incidents in Cebu may negate the sentiment among businesses, an official from the Mandaue Chamber of Commerce and Industry warned, urging the police to address the increasing crime rate so it would not affect the city's positive economic prospects.

"From a business standpoint, any increase in criminal activities is negative to the business community," MCCI vice president Steven Yu told The FREEMAN.

His comment came following the several gun attacks that happened in Cebu City this week.

Yu pointed out that crime activities potentially increase the cost of doing business.

"It increases the cost of doing business because of additional security costs, among others," the businessman also asserted.

This will likewise affect investors' sentiment 

"Investors will likewise put a risk premium to their assumed return on investments," he stressed.

Yu believes the police are doing their best to resolve these incidents.

"And so far, they have declared it as non-terrorist related," he said.

Yu urged the police to heighten their efforts to "de-escalate these killings so as not to put a dent to the momentum of Cebu's booming economy."

Earlier, Cebu City Mayor Tomas Osmeña, the recent killing incidents are worrisome, noting its implications to the city’s peace and order.

But the Police Regional Office in Central Visayas (PRO-7) insisted Cebu province and Cebu City remain safe despite the killings.

This week, killings had been happening almost every day in Cebu City particularly last Tuesday with three high-profile deaths occurring one after another within a span of three hours in the city.