Rocking the ground
A livid President Rodrigo Duterte may have sent his message across three of the country’s top business names when he threatened court cases and closure of their firms for what he claimed were their malfeasance. But beyond his statements were other groups shaken and perhaps losing confidence on the Philippines as an investor-friendly playground.
Mr. Duterte’s threat of non-renewal of the media giant ABS-CBN’s franchise is a serious matter that the other business groups look at as a direct interference by the Executive at a Legislative function, which often kowtows to the wishes of the strong presidency.
The President is confident his words have weight when he vowed to make sure the Lopez family would no longer get its television franchise renewed.
And even long before, some legislators who want to be closest to the President’s graces have parroted the Chief Executive’s statements and expressed inhibition to the approval of the franchise.
The President has long been calling out ABS-CBN for what he claimed is its “unfair reporting” of events, especially those related to his drug war.
The Philippines, however, is supposedly a bastion of free and independent media. It even allows several politicians’ troll operations to flourish without much policing. So, the media is fair game but free. It should remain independent.
The media giant’s franchise was last renewed on 30 March 1995, midway through the term of former President Fidel Ramos, when Congress acted independently of Malacañang.
It is set to expire on 30 March next year. But President Duterte is making what would probably soon become a big item in the market his weapon to bring the Lopezes to their knees.
Mr. Duterte had often claimed ABS-CBN never aired his campaign advertisement in 2016. During some interviews, he claimed to have paid for those placements.
If his information is accurate, Mr. Duterte could file court cases against the media firm, perhaps including estafa. But to threaten it with closure — and openly at that — is another matter.
The Chief Executive’s factotum could say it was just his style, but tell that to the other business groups watching the country’s leader’s every move.
Also last week, the President locked horns with the two
“These are four of the biggest local investors in the country. With two years and several months left in Mr. Duterte’s term, he will be tested if he could sustain this new fight that he took against them.
major water firms.
The Ayala-owned Manila Water Co. Inc. and the Pangilinan-controlled Maynilad Water Services Inc. have taken charge of the utility when government had failed to sustain the water operations going into the new millennium.
It was in 1997 when Ramos also gave up on running the water distribution. Awash with cash to finance and profit from the operations, the two companies came in fast.
Both companies claim losing money, though, and have asked an arbitration panel in Singapore to settle their issues with government. The panel ruled the Philippine government must pay P7.4 billion to the Ayalas and P3.4 billion to Pangilinan.
Mr. Duterte raised public interest on his issues with Ayala and Pangilinan. He may get the support of the public on this fight.
But also in the background, Ramon S. Ang — another big capitalist pouring his money on big-ticket infrastructure this time — has announced another delay in the groundbreaking for his new airport in Bulacan.
He has no issues with the country’s leader, but Ang blamed a few of the President’s men for dragging the start of his “Build” project.
These are four of the biggest local investors in the country. With two years and several months left in Mr. Duterte’s term, he will be tested if he could sustain this new fight that he took against them.
Meanwhile, businessmen’s necks are getting elastic watching this game from the sidelines.
“If
his information is accurate, Mr. Duterte could file court cases against the media firm, perhaps including estafa. But to threaten it with closure — and openly at that — is another matter.