Filipino businessmen laud, shrug off guilty verdict on chief justice

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The Philippines has taken another major step in the challenging road to political maturity, the Makati Business Club says on the verdict of senator-judges on Renato Corona

MANILA, Philippines – Businessmen lauded the results of the over 4-month-long impeachment trial of former Supreme Court Chief Justice Renato Corona that was sealed by a 20-3 votes of senator judges on Tuesday, May 29.

“Our country has taken another major step in the challenging road to political maturity,” said the Makati Business Club in a statement.

“The bar of integrity and moral fitness for the top magistrate of our country’s judicial system must necessarily be set at the highest levels. Thus, we hold the outcome of this impeachment trial as a triumph of our democracy’s system of checks and balances,” stressed the business group, which supported the good governance theme of the Aquino government.

President Aquino has pushed and supported the impeachment complaint against the chief justice, whom the president blamed for stalling his anti-corruption efforts.  

At the end of the impeachment trial, Corona was declared guilty of betraying the public trust and committing culpable violation of the Constitution.

Good economics

The results will have a positive effect on the economy, noted Nisha Alicer, Head Analyst for DA Market Securities, Inc.

“Both local and foreign funds will perceive the results of impeachment trial as favorable for a country in pursuit of good governance as a basis of good economics,” she said in a statement.

Foreign and local businessmen were more concerned about the integrity of the impeachment process, noted businessman Manuel V. Pangilinan.

He shared his belief that good governance will benefit the country’s democracy. “If you practice well, then you play well in the actual competition,” he said on Tuesday, at the sidelines of the annual stockholders meeting of power firm, Meralco.

“If the process is fairly properly and objectively done, it will lead to a decision that will eventually be good for the country,” he stressed.

“The general sentiment…with respect to the foreign investors, I think…[is that] the decision of the court should be respected. I think they just want to ascertain that the process is fair and objective, and that the decision that the court eventually renders will be fair and objective,” said Pangilinan.

Pangilinan heads several of the largest conglomerates in the country, including Metro Pacific Investments Corp. (MPIC) and Philippine Long Distance Telephone Co. (PLDT).

Another businessman, Ramon Ang, who heads the country’s largest conglomerate, San Miguel Corp., shrugged off the impact of the impeachment trial on investors.

“None of the investors or business partners have ever even asked me or talked to me about it for their investments or business ventures. Meaning, it’s not important to them,” Ang shared at the annual stockholders meeting of the group’s unit, San Miguel Brewery. –

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