October 25, 2003, The Philippine Star, Davide impeachment move worries business, by Iris Cecilia C. Gonzales,

October 25, 2003, The Philippine Star, Davide impeachment move worries business, by Iris Cecilia C. Gonzales, 

Businessmen are worried that the impeachment case against Chief Justice Hilario G. Davide, Jr. will take its toll on the economy by worsening the country's already sullied image. 

"The problem increases instability in the country and stalls economic growth," said Jose Concepcion, former president of the Association of Southeast Asian Nations Chamber of Commerce. 

"Investors will think a second time...because how many countries actually impeach a chief justice of the Supreme Court, the highest judicial body? It is only the Philippines," Mr. Concepcion yesterday said. 

On Thursday, 94 congressmen signed a second impeachment complaint against Mr. Davide for alleged irregularities in the disbursement of the Judiciary Development Fund (JDF). 

This brought the peso to its lowest for the week, to a close of PhP55.33 to the dollar on Friday from Thursday's PhP55.24. The Philippine Stock Exchange composite index also closed at its lowest for the week on Friday at 1,363.40 points. 

A previous impeachment complaint against Mr. Davide, involving his role in the removal of President Joseph Estrada, has failed to prosper at the House of Representatives. Legislators, however, have now focused on his alleged misuse of the JDF and have gathered enough votes to transmit the case to the Senate for trial. 

For Mr. Concepcion, flaws in the law creating the JDF should be addressed by legislators instead of seeking the impeachment of the chief justice. 

Noemi L. Saludo, vice-president of the Philippine Chamber of Commerce and Industry (PCCI), believes the case is politically motivated. "It is very untimely and is giving us more problems. It is very politically motivated. All these kinds of disturbances are continuously bringing down our exports," said Ms. Saludo, who runs a garments exporting company. 

She said too much political instability has already turned off foreign investors, and the impeachment case against Mr. Davide would only add to the country's troubles. 

Filipino-Chinese businessmen also share the same view. 

Francis Chua, executive vice-president of the Federation of Filipino-Chinese Chambers of Commerce and Industry, said the issue will only worsen the country's image abroad. 

"Everywhere we go, other businessmen would ask what is going on in the Philippines," Mr. Chua said, citing his experiences when he attended the World Trade Organization meeting in Mexico, the ASEAN summit in Indonesia and the Asia-Pacific Economic Cooperation forum in Thailand. 

"Every time we go (out of the country), we find ourselves at the lowest rank and it is very disheartening. It is about time we redeem ourselves in the international community," he added. 

The case against Mr. Davide, he said, will only worsen the country's image. "All these things are putting a heavy toll on us and the economy," he warned. 

On the other hand, Jesus T. Tanchanco, Sr., president of the Philippine Food Processors and Exporters Organization (PhilFoodex), called the impeachment case as just part of a democratic process. "This is democracy in action. We just have to see how we can handle this maturely," Mr. Tanchanco said. 

At least, he added, the issue is being addressed in the proper forum, "not like the Oakwood incident." He was referring to the July 27 failed mutiny where more than 300 soldiers holed up at the Oakwood serviced apartments in Makati to stage a mutiny. 

Mr. Tanchanco does not believe the issue will affect the economy, saying the Philippines has been tested many times. "I do not think it will drive investors out but instead we will show that democracy is working," he said. 

Miguel Varela, chairman emeritus of PCCI, agreed that the case is part of the Philippines' being a democratic country. "While it is a sad development, it is part of the constitutional process," Mr. Varela said. -- Iris Cecilia C. Gonzales