A BUSINESS leader has warned of potential diversion of investments away from the Philippines if ‘nothing solid’ comes out of the probe into the flood-control mess.
Ferdinand Ferrer, chairman of the Philippine Chamber of Commerce and Industry (PCCI) Committee for Science and Technology, told reporters on the sidelines of the 51st Philippine Business Conference and Expo on Tuesday that there is currently no diversion or loss of business due to the flood control mess in the country.
However, Ferrer pointed out: ‘Will there be in the future? I believe there could be if we do not act, if there’s nothing solid. If this one prolongs all the discussion, prolongs for months and months, I think not only semiconductor [will be affected] but also other investments.’
Explaining the pulse of investors amid the ongoing corruption mess in the country, the business leader said investors are on a ‘wait-and-see’ mode, asking the question: ‘Is this everywhere?’
While these investors are not ‘holding off,’ Ferrer revealed that they are monitoring the situation in the country.
‘Because the investments that are supposed to come in now have already come. By the yearend, we have very few that’s coming in but we’re looking at the first half, the Q1, Q2 next year,’ added Ferrer.
The business leader pointed out that investors are ‘cautious,’ describing the flood control anomaly as a ‘big scandal.’
Ferrer also revealed that some Philippine business leaders even received phone calls from investors asking how deep and widespread the corruption in the country is.
Moving forward, the PCCI official said the Philippines needs to show the world that despite ‘falling flat on our face,’ the country is ‘solid,’ meaning the government and private sector will roll out corrective actions and implement reforms that will address corruption issues.
‘We need to act fast for our own sake as a country,’ Ferrer emphasized.
During PCCI’s business conference, the major business group offered its help to the Department of Public Works and Highways (DPWH), which it urged to use the private sector as its ‘eyes and ears’ on both government and private projects.
‘We want to help the government, you heard Secretary Dizon, there are 20,000 projects,’ Ferrer said.