The business sector is exploring the possibility of establishing an independent body that will serve as the government’s “eyes and ears” to monitor public works across the country amid corruption issues and the threat of waning investor confidence.

Philippine Chamber of Commerce and Industry (PCCI) executive vice president Ferdinand Ferrer said the country’s business leaders are open to creating a body that will help the government expedite ongoing investigations into corruption.

Earlier, a total of 34 business groups urged President Marcos to act more decisively against irregularities as they voiced their discontent over the seemingly unhurried pace of holding those responsible accountable.

Speaking before the business community at the 51st Philippine Business Conference and Expo, Department of Public Works and Highways (DPWH) Secretary Vince Dizon suggested that the government could tap technology in addressing corruption.

Dizon, in particular, highlighted the DPWH’s openness to adopt blockchain technology for the monitoring of government projects and the use of public funds.

He added that the agency will soon launch a transparency portal to complement these efforts, providing the business sector and the general public the platform to scrutinize its projects.

Sought for comment, Ferrer said he welcomes the secretary’s push to leverage new technology to help unravel corruption, although he admitted that it may not appease calls for a faster investigation.

“We've heard that (but) that will take time. But us, we cannot wait,” he told reporters.

Ferrer said an independent body, which will act as the private sector’s platform for monitoring, could be the government’s ideal partner in its investigations.

He noted that PCCI and other national business groups have their regional counterparts, providing the private sector a wide-ranging perspective on the ins and outs of the country.

“Any corner of the country, we are present. So use the private sector to be their…eyes and ears on all these government projects,” said Ferrer.

For instance, the business leader noted that such a monitoring body could have aided the DPWH in immediately identifying the massive problem in classroom construction.

Before a budget hearing, Dizon revealed to senators that the DPWH has only built 22 out of 1,700 classrooms, which he described as “deplorable.” To recall, Dizon only assumed office in September following the resignation of former DPWH chief Manuel Bonoan.

“If we, as the private sector, were there and we knew that certain classrooms were supposed to be finished or under construction, we could have said that nothing’s happening here,” Ferrer said.

“So use the private sector because we're partners na. Moving forward, the government and the private sector should really work together,” he added.

The business sector has been demanding the Marcos administration to get their act together in addressing corruption due to fears that it could seriously harm investor confidence.

Ferrer, who is the head honcho of a manufacturing company that produces semiconductors, said the country’s appeal for investors has not yet been affected by the corruption mess.

However, he stressed that there may come a time—as early as the first quarter of next year—when investors could hold off or even divest funds that would have otherwise stimulated the country’s economic growth.

“I believe there could be [an impact] if we do not act…I think not only semiconductors but also other investments,” said Ferrer.

“So what we need to show globally as a country, yes, we fell flat on our face, something happened. But let's just rise up, let's do something together. Together means you have the private sector one in harmony with the government on whatever actions and whatever programs they will be implementing,” he continued.

This, according to Ferrer, is especially relevant as the country still faces a 19 percent tariff rate on its exports to the United States.

From what was once a level playing field with its Southeast Asian neighbors in terms of tariff level, corruption issues could further harm belief in the Philippine economy.

Ferrer emphasized that joint efforts between the private sector and the government could help restore investors’ confidence in the Philippines as an ideal investment destination.