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Monday, February 27, 2006
Traders lament state of emergency order
By Danilo V. Adorador III
CAGAYAN DE ORO CITY -- President Gloria Macapagal-Arroyo's emergency edict on Friday was a setback for local businesses, and hurt the upbeat investment outlook in Cagayan de Oro and Region 10, a business leader said Sunday.
Cagayan de Oro Oro Chamber of Commerce and Industry Foundation (Oro Chamber) president Ruben Vegafria said Arroyo's Proclamation 1017, placing the entire country under a state of emergency, saddened local businessmen who were expecting the arrival of several multi-national firms in the second and third quarters of this year.
Councilor Maryanne Enteria also expressed concern, but said any changes in the local economic outlook was understandable "since the fear of instability is nationwide in scope."
"Investors would naturally be prudent at this time because they are protecting their businesses, and they are probably waiting until things tone down but this doesn't mean that they are going away for good," she said, confident that the efforts of the local government towards attracting investors would offset the perceived risk factors under Proclamation 1017.
One of those who pulled out from previous commitments to invest in the region, Vegafria said, was the Taiwanese distillery firm which was scheduled to erect its plant in the Misamis Oriental special economic zone of Phividec this year.
"This comes like a tornado to us because, first, we have already seen the eagerness of international investors to come here. And now, this development," Vegafria stressed.
At the height of the "Hello Garci" controversy last year, a Chinese firm also quashed previous plans to put up a glass factory in Phividec, fearing political instability.
Vegafria said the city's trade missions last year, aimed at attracting investors from Taiwan and China, may go to naught "if the present scenario continues," referring to the state of emergency that Malacañang indicated will only be lifted until the threats to government have dissipated.
However, the Oro Chamber president cleared President Arroyo from the "ill effects" of the state of emergency declaration to the economy, attributing the accountability instead to all "turncoats" who, he said, are contributing to the political turmoil in the country at present.
Enteria agreed, saying the issuance of Proclamation 1017 was "only a reaction to the clear and present danger posed by power-grabbers to the government."
"If the economy is ruined by this latest event, the enemies of the state are to be blamed because they are making the government react strongly, even if they know that such reaction could potentially damage the country's economic standing." (Sun.Star Cagayan de Oro/Sunnex/With a report from Sun.Star Superbalita)
(February 27, 2006 issue)
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Mayor hits emergency rule, allows rallies in city