That was the blunt assessment of Philippine Chamber of Commerce and Industry chairman George Barcelon, as he warned that the unfolding flood control corruption scandal is damaging investor confidence in the country.
In an interview with “Money Talks” on One News, Barcelon said regional neighbors are watching the situation with “concern,” and emphasized the urgent need for transparency and accountability.
“We’re not a good country of investment for people who are looking into investing,” Barcelon stated.
“We have to make sure that the government has this check and balance,” he added, urging the administration to ensure the credibility of the Independent Commission for Infrastructure and to release its findings before public and investor patience runs out.
The scandal also casts a shadow on the performance of Frederick Go, President Ferdinand “Bongbong” Marcos Jr.’s investment adviser, whose role is to attract foreign capital and promote economic stability.
Critics argue that Go has failed to insulate the investment climate from political risk and reputational damage, especially as major infrastructure projects, once touted as flagship initiatives, are now mired in allegations of kickbacks and budget manipulation.
Barcelon’s remarks reflect growing frustration in the business sector, which fears that unless sweeping reforms are enacted and accountability is enforced, the Philippines may lose its competitive edge in the region. (ZIA LUNA)
