In a statement released on May 15, Sergio Ortiz-Luis Jr., president of the Philippine Exporters Confederation, Inc. (PHILEXPORT), stressed that amid ongoing global uncertainties — particularly escalating tensions in the Middle East — the country must remain focused on economic recovery and maintaining competitiveness.
“Recent developments and tensions within the Senate are creating renewed uncertainty in the political environment at a time when the country should be fully focused on economic recovery, investment promotion, and job generation,” Ortiz-Luis said in the statement, a copy of which was posted on PHILEXPORT’s Facebook page.
“Businesses value stability, predictability, and strong institutions. Prolonged political turmoil risks affecting investor confidence, weakening market sentiment, and diverting attention from urgent economic priorities.”
External pressures
Ortiz-Luis noted that exporters continue to face significant external pressures, including geopolitical tensions, elevated logistics costs, and weakening global demand, making domestic stability even more critical.
“Our exporters are already dealing with global challenges such as high logistics costs, geopolitical tensions, and slowing demand in key markets. Domestic political noise only adds another layer of uncertainty that could affect competitiveness and expansion plans,” he added.
PHILEXPORT also called on government leaders to uphold democratic institutions and avoid actions that could further disrupt economic activity and public confidence.
“At the end of the day, the country’s economic agenda must remain above politics. We hope our leaders will work toward restoring public confidence and maintaining a stable environment conducive to business, exports, and inclusive growth,” Ortiz-Luis said.
Senate turmoil
The Philippine Senate experienced significant upheaval this week, beginning with the dramatic leadership change on May 11, when Sen. Vicente Sotto III was unseated as Senate President by Sen. Alan Peter Cayetano.
The Senate coup coincided with the transmittal by the House of Representatives of the Articles of Impeachment against Vice President Sara Duterte.
It also marked the reemergence of Sen. Ronald “Bato” dela Rosa, who had reportedly stayed out of public view for six months amid reports that the International Criminal Court (ICC) had issued an arrest warrant against him.
His vote proved crucial, as it became the 13th vote needed to install Cayetano as the new Senate President.
Dela Rosa later sought Senate protection after the National Bureau of Investigation moved to arrest him based on the ICC warrant. A three-day standoff reportedly ensued.
On May 13, the Senate was placed on lockdown after the majority bloc led by Cayetano claimed the chamber was under siege.
Gunshots were reportedly fired, and dela Rosa allegedly slipped out of the Senate building past 2 a.m. on May 14. No one was hurt, but later that day, the peso fell to a record low of 61.64 to the US dollar. —Ed: Corrie S. Narisma
Contributor
