Too early to tell impact on business of Duterte’s arrest’

MANILA, Philippines —  The impact of the arrest of former president Rodrigo Duterte on investor sentiment is still too early to tell, according to business leaders who vow to remain focused on efforts – in partnership with the government – to encourage investments into the country.

Lawmakers also shrugged off concerns that the development would lead to political instability.

“What happened, to be honest, is unexpected. Because it’s unexpected, it’s too early to tell,” Philippine Chamber of Commerce and Industry (PCCI) chairman George Barcelon told reporters yesterday, when asked to comment on the possible effect on business sentiment of the arrest of the former president on Tuesday for crimes against humanity, based on an arrest warrant issued by the International Criminal Court.

For the Department of Trade and Industry (DTI), the development is no hindrance to promotion of trade and investments.

“The focus of the DTI is really to actually attract foreign trade and investments and to really grow the industries and to really grow the economy. That’s where we are focused at this time,” Trade Secretary Cristina Roque told reporters.

For PCCI, the country’s largest business organization, organizing and hosting of trade missions continue, according to Barcelon.

“Business will continue. Life will go on. We just hope there will be less disruption,” he said, adding that the PCCI has been very active in getting foreign firms to visit the country and explore business opportunities.

“Business will always look at where the country can give you advantage,” he said.

House Deputy Majority Leader Rep. Paolo Ortega V said that the arrest of Duterte should not be a cause for worry.

He downplayed attempts by Duterte’s allies, particularly former presidential spokesman Harry Roque, to stir unrest.

“He’s been trying to do this to the Marcos administration, to the government for almost two years. I remember the video about evil and darkness. But in the last few weeks, we witnessed our developing economy,” Ortega said.

Ortega noted that Duterte’s camp would try to make noise through protests, but this would unlikely spark unrest.

House Assistant Majority Leader and Tingog party-list Rep. Jude Acidre also belittled efforts by Duterte supporters to sow discord.

“The noisy ones will always be noisy. That’s one thing for sure. But will the people bite? I doubt,” Acidre said.