MANILA, Philippines - The Management Association of the Philippines says President Aquino had no choice but to ask the Supreme Court to reconsider its decision to rule the Disbursement Acceleration Program (DAP) unconstitutional.
MAP president Greg Navarro says Aquino needed to confront the Supreme Court's decision to protect the legitimacy of all the projects executed under DAP and to ensure he could still get something done in the remainder of his term.
"Aquino's appeal over DAP issue should be resolved or the next two years will be mired in a lot of lawsuits, impeachment complaints," Navarro said on ANC's Inside Business.
MAP has joined the Makati Business Club in throwing its support behind President Aquino, noting his administration has managed to accomplish a lot, and was the most transparent government so far.
"The DAP issue is distracting but government should not be paralyzed by it... I would encourage the government not to be gun-shy, continue with reforms," Navarro said.
Meanwhile, more banks are warning the High Court's decision on DAP could slow economic growth in the Philippines.
The latest is Singapore-based DBS, which described DAP as an "economic stimulus."
"The prospect of slower fiscal spending weighs on the GDP (gross domestic product) growth outlook in the near-term amidst the on-going controversy regarding the Disbursement Acceleration Program (DAP)," DBS said.
Moody's Investor Service, Standard & Poor's and Maybank ATR Kim Eng have all said the DAP issue could weigh on government spending, which is a key component to growth. - ANC