‘Sereno ouster unlikely to affect business’

The ouster of Maria Lourdes Sereno as chief justice is unlikely to have a serious impact on businesses in the Philippines, according to the country’s major business groups.

The Philippine Chamber of Commerce and Industry (PCCI), Management Association of the Philippines (MAP) and Employers Confederation of the Philippines would also rather hold off comment on the latest development as the government appealed for sobriety amid protests from various quarters.

MAP national issues committee chair Eddie Yap said it is “best to reserve comments until the opinions of other SC justices are known and analyzed by legal luminaries.”

PCCI chairman George Barcelon said he believes the decision will have no impact on the business community.

The Makati Business Club (MBC), through its president Ed Chua, said the group is still discussing the issue as of press time.

The MBC in a statement last March called on the country’s political and judicial leaders to “let the House of Representatives and, if so determined, the Senate follow the impeachment process set forth in the Constitution against Chief Justice Maria Lourdes Sereno.”

Yesterday, the stock market advanced despite the news of Sereno’s ouster.

“I don’t think the quo warranto affected the market. Despite verdict, market went up,” Regina Capital Development Corp. president Marita Limlingan said.