Mindanao situation a cause for concern – MPIC's Pangilinan

The current situation in southern Philippines is a cause for concern among businessmen and investors, Manuel V. Pangilinan, chairman of infrastructure conglomerate Metro Pacific Investments Corp. (MPIC), said on Friday.

Government troops are battling what the officials emphasized on Friday as ISIS-inspired terrorist group reinforced by Malaysian and Indonesian fighters, in Marawi City, the capital of Lanao del Sur and a hotbed of center of Islamist militants in the country.

The fighting erupted on Tuesday after security forces supposedly tried to capture Isnilon Hapilon, the leader of terrorist group Abu Sayyaf, who was wounded in a previous bombing raid, but were taken aback by other gunmen who defended Hapilon, according to a report by Agence France-Presse.

The situation prompted President Rodrigo Duterte to declare martial law in Mindanao late Tuesday.

Faith in country and leadership

"It's a cause for concern, so we need to understand the situation probably better," Pangilinan said during the MPIC stockholders' meeting on Friday.

"But we need to have faith in our country and the leadership," Pangilinan said.

Despite the situation in Mindanao, Panglinan said MPIC is keen on investing in southern Philippines and intends to make an announcement soon.

"Definitely, Mindanao is still under our radar. Expect an announcement of investments in Mindanao soon," he said during the annual stockholders' meeting in Taguig City.

On the sidelines of the stockholders' meeting, reporters asked him for more details but Pangilinan declined to elaborate. "I can't disclose it yet," he said.

"Most likely it will proceed. Kasi naman it's a long-term investment, hindi naman pang-bukas lang," Pangilinan added. — VDS, GMA News