Senator Win Gatchalian on Monday (May 18) urged political leaders to exercise restraint and promote responsible public discourse, warning that the country’s escalating political turmoil is beginning to hurt investor confidence and weaken the economy.
Gatchalian issued the appeal following a week of turbulence in the Senate that culminated in a violent shootout inside the legislative complex on May 13 and coincided with the peso falling to a record low of P61.721 against the US dollar at Friday’s market close.
While acknowledging that global economic pressures continue to weigh on emerging market currencies, Gatchalian said financial analysts are now factoring in an “uncertainty premium” on the Philippines due to intensifying political tensions.
“The cost of all this political chatter is starkly evident in the peso’s performance against the dollar,” Gatchalian said.
“We cannot allow this to continue. The country’s economic growth and the welfare of our people are at stake,” he added.
According to the senator, a weaker peso would likely fuel inflation by increasing the cost of essential imported goods such as fuel and rice — commodities that directly affect ordinary Filipino households.
“Malinaw na hudyat ito galing sa ating financial markets. Mahalagang magpakita ang lahat ng maayos na pampublikong diskurso na magiging kapaki-pakinabang at may pananagutan,” he said.
Political tensions sharply escalated on the night of May 13 after a three-minute gun battle erupted inside the Senate complex involving heavily armed Senate security personnel and agents of the National Bureau of Investigation.
The NBI had reportedly been monitoring the area in connection with a possible attempt to serve an arrest warrant from the International Criminal Court against Senator Ronald Dela Rosa over alleged crimes against humanity.
Dela Rosa, who had remained out of public view for months, resurfaced on May 11 and cast a crucial vote in the leadership shake-up that installed Senator Alan Peter Cayetano as Senate President.
Following the leadership change, Cayetano placed Dela Rosa under protective custody and ordered heightened security measures within the Senate complex, triggering a tense standoff that later escalated into gunfire.
Senate security personnel reportedly fired 27 rounds toward NBI agents positioned near the adjacent Government Service Insurance System building during the confrontation.
Amid the confusion, Dela Rosa was able to leave the Senate premises before dawn on Thursday.
The violent encounter, coupled with the increasingly bitter conflict between the Senate’s new majority and minority blocs, has fueled concerns among investors over political stability in the Philippines.
With the Senate set to convene as an impeachment court on May 18 to hear the cases against Vice President Sara Duterte, Gatchalian called on lawmakers and government officials to temper political rhetoric and help restore confidence in the country’s institutions.
He stressed that projecting stability is crucial to reassuring both local and foreign investors and protecting the broader economy.
