Inaction on Quiboloy will dampen PH’s international push

We are calling on the Marcos Jr. administration to act swiftly on the United States’ economic sanction and criminal case against Kingdom of Jesus Christ leader Apollo Quiboloy. Government inaction will dampen President Marcos Jr.’s push to raise the country’s international profile.

As we welcome the openness of the Department of Justice in exploring the impact of the recent US Treasury sanction on Quiboloy, we are urging swift action from Malacañang to cooperate with US authorities in prosecuting this case. Anything less will put the President in a difficult situation before the international community, particularly as he serves as the Asean coordinator to the European Union, which has very clear commitments relating to human rights and social justice. It will be difficult to rally the world to invest in PH infrastructure while an international fugitive takes refuge on our shores.

The President can call on Philippine banks and financial institutions, particularly those with US branches and those undertaking activities with US financial institutions, to block Quiboloy’s bank assets to avoid subjecting their institutions to extraordinary political risk. While there are only a handful of banks with US branches, a sizable number of local banks deal with US securities which are offered to Filipinos seeking to invest in the S&P 500 and other US instruments. As such, all local banks affected by Quiboloy’s sanction should seek to limit this political risk by complying with the US Treasury’s call to block Quiboloy’s assets.

Quiboloy’s assets are insignificant in comparison to what US authorities can do to our domestic banks, which fail to block the fugitive’s properties.

The President currently has momentum in drumming up international support for the Philippines, particularly from the US, and with the Belgium visit, the European Union. The US Treasury action certainly merits a direct high-level positive response from the President, because it will reflect his strong commitment to the rule of law, human rights, and social justice. This is his best chance to walk the talk, and further raise his international standing.

Foreign investors and bilateral partners with a strong emphasis on governance will certainly take notice of the President’s action on Quiboloy’s case.

Terry L. Ridon,

convenor,

Infrawatch PH