MBC discounts constitutional crisis from impeachment trial
Friday, 20 January 2012 00:00
THE elite Makati Business Club discounted the possibility of Constitutional crisis arising from the impeachment trial of Chief Justice Renato Corona, saying the process is part of the country's democratic system. "MBC does not agree that the impeachment trial is an attack on the entire Supreme Court, but is a process of making accountable an individual Supreme Court member who cannot be removed from office except by impeachment. MBC therefore views the impeachment process as part of our democratic system of checks and balances and certainly not a step towards a Constitutional crisis," a statement by MBC said. According to the business group, this trial cannot be divorced from the reality of the urgent need to reform a judicial system that is widely perceived to have failed to deliver justice especially to the poor.
"MBC looks forward to the Senator Judges putting only the best interests of the Filipino Nation first when they make their decisions in the Impeachment Court while giving the Chief Justice every opportunity and means to defend himself so that the ensuing trial will receive as wide a support from the public as possible," the statement said. With this, the business group urged all Filipinos to watch, monitor and guard this process and express their sentiments in peaceful but effective ways. MBC has been most supportive of and will continue to support the resolve of the Aquino administration to tread the straight and narrow path of the "daang matuwid" and bring to justice those responsible for corruption, electoral fraud and human rights violations and end the impunity that characterized the previous administration.
It applauded that firm resolve that has resulted in the resignation of the former Ombudsman, the arrest of former President Gloria Arroyo, the manhunt for General Jovito Palparan and the start of an impeachment trial against Chief Justice Corona. MBC, through the Integrity Initiative -a private sector-led campaign, continues to engage the judiciary as a key pillar in the effort to rebuild a culture of integrity in the country. Rather than viewing this impeachment process as an attack on them as the judicial branch of government, the women and men of the Philippine judicial system must see the process as an opportunity to make themselves accountable to the people.
This will also enable them identify their weaknesses, learn from their mistakes and take to heart their critical role in helping address one of the roots of decades of non-peace in the country -their role in delivering speedy justice for all. Meanwhile, a central bank official has said the ongoing impeachment trial of Chief Justice Renato Corona is not expected to negatively impact on the Philippines' bid for credit rating upgrade unless it stretches for a very long time. Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo said he does not see any near-term impact from the impeachment trial "because the financial markets are very stable."
"But if the trial, the impeachment process, becomes protracted, it will begin to raise doubts on the part of the markets," he added. Guinigundo also said that if the impeachment trial goes beyond three months, as what some reports project, and when the Aquino administration loses focus on its bid to further boost economic growth, then it would be hard for the domestic economy to get a rating upgrade. "Let the impeachment process continue but make sure that you are spending to further spur growth," he said. Last December, Standard and Poor's upgraded its ratings outlook on the country to "Positive" from "Stable." This was made after the Philippines got four positive rating upgrades in the early part of 2011.
Moody's Investors Service upgraded its outlook on the country's credit rating to "Positive" from "Stable" last January. The ratings agency then upgraded a notch higher the country's rating to "Ba2" last June. Also, Fitch Ratings upgraded the Philippines' credit rating to "BB+", a notch away from investment grade, last June after citing the government's fiscal consolidation and strong external position. Last November, upgraded a notch higher the country's long-term foreign currency sovereign credit rating to "BB," two notches below investment grade, due mainly to the increasing dollar reserves of the country as well as the improving growth prospects. Economic managers have lauded these ratings actions and vowed to ensure the continued implementation of measures to further improve economic fundamentals. PNA
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