Senator Hontiveros urges stronger action vs. corruption to restore investor confidence

Senator Risa Hontiveros said stronger action against corruption and the passage of an Anti-Political Dynasty Law could help restore investor confidence and create more opportunities for Filipinos.

Hontiveros, who chairs the Senate Special Committee on Reinvigorate Investment and Sustainable Economic Growth (RISE), made the call after former Bangko Sentral ng Pilipinas Deputy Governor Diwa Guinigundo told a committee hearing that governance and institutional reforms are needed to improve the Philippines’ appeal to investors.

Guinigundo said investors “cannot see the justice system and the rule of law as working in this country,” identifying the “dominance of political dynasties” and a “culture of impunity” among the problems that need to be addressed.

“I hope that the Senate and the House of Representatives will soon pass a genuine Anti-Political Dynasty Law … Kung ito po ay maa-address, tanggalin natin ang dominance ng mga political dynasties, it can make a dent in our efforts to stamp out red-tape and even corruption,” Guinigundo said.

He also linked the prosecution of high-ranking officials accused of corruption and misuse of public funds to restoring business confidence, saying recent controversies have created a “chilling effect” on investments.

“Kung makikita ng mga negosyante at mga nangangapital na seryoso ang ating bansa sa pagpapakulong ng mga plunderers ng public money, I'm sure the erosion of public confidence and business confidence will be addressed, it will be arrested. And this is what credit rating agencies and international financial institutions are always looking at,” the former BSP official said.

Hontiveros, who authored and previously sponsored the Senate version of the Anti-Political Dynasty Bill, said the Senate leadership would ask Malacañang to certify the measure as urgent.

“Tama na ang 39 taon ng paghihintay. The Constitution mandates this law and the Supreme Court has reminded us of its importance,” Hontiveros said.

“Gagawin natin ang lahat para ipasa ang bill na ito. It is not just a reform for good governance, it is a tool for a better investment climate, and shared economic progress. After all, the concentration of political dynasties is correlated with poverty and underdevelopment,” she added.

The Senate’s move follows a recent Supreme Court directive reminding Congress of its constitutional duty to enact a law defining and prohibiting political dynasties. The House of Representatives has already approved its version of the measure, while the Senate version remains under consideration.

Hontiveros also called on the Department of Justice and the Office of the Ombudsman to “visibly and meaningfully expand” their efforts to prosecute public officials involved in corruption, particularly those holding high positions.

She specifically cited the controversy surrounding flood control projects, saying public funds intended to protect communities from flooding should benefit the public.

“Ang pondong para sa proteksyon laban sa baha, dapat napapakinabangan ng mga komunidad. We have to make clear to the business community, and the whole country: our institutions work, our laws apply equally, and that contracts and commitments are actually followed. That is how we show the stability and integrity that every investor looks for,” Hontiveros said.