Big business group hits TRO vs Torre

THE COUNTRY’S biggest business organization has thrown its support behind the controversial Torre de Manila condo project in Manila, warning that restraining legitimate property developments would again put to question the stability of the local investment climate.

In a statement on Friday, the Philippine Chamber of Commerce and Industry (PCCI) stressed that the “harm” created by the recently issued temporary restraining order (TRO) on the construction of the Torre project goes beyond its developer, DMCI Homes.

“Stability and predictability of rules are important criteria for any business to decide where to locate and go ahead with their investments. Existing and future investors will consider this country a great investment risk because of instability of the rule of law,” the PCCI said.

The Supreme Court last month issued an order temporarily halting the construction of the 49-story Torre de Manila, which critics assail for ruining the sight line of the Rizal Monument. The order stemmed from the September 2014 petition filed by the Knights of Rizal, who wants the structure demolished.

The PCCI stressed that the construction of buildings and other projects that had complied with all the requirements of the National Building Code and obtained building permits from local officials should be allowed by the government to be completed.

Stopping or restraining the construction of legitimate projects midway, as in the case of Torre de Manila, may be seen as a “serious disincentive to investments,” the group warned.

“DMCI locked in investments for the long term in its Torre de Manila project, confident that its compliance with the law was a rock-solid assurance that it would complete its project,” the PCCI further said.

Currently headed by Alfredo M. Yao as president, PCCI counts as members the country’s largest corporations, over 50,000 SMEs (small and medium enterprises), 110 local business chambers, more than 100 industry associations, and 40 bilateral business councils.

By the time the high court issued the TRO on June 16, DMCI had reportedly sold 90 percent of the Torre units. The Housing and Land Use Regulatory Board later suspended the company’s permit to sell units of the condo.

The Supreme Court is set to hear the oral arguments of the petitioners and DMCI on July 21.

DMCI defense

DMCI Homes defended the legality of the project through a newspaper ad earlier this week.

EDWIN BACASMAS WHERE’S JOSE? From this view, it takes a while to even spot the monument of national hero Dr. Jose Rizal in front of the towering (but now suspended) DMCI condo project. But as the company puts it: “‘ View’ is subjective.”