MANILA, May 25 (AFP) - The Philippine economy lost almost 45.173 billion pesos (1.2 billion dollars) in potential investments, tourist arrivals and capital flight due to a seven-year rash of kidnappings, a local anti-crime crusader estimated Tuesday. Teresita Ang See, a leader of the ethnic Chinese community, said that at the peak of kidnappings in the country, "several billions in business opportunities and actual capital flight went down the drain." Investors, mostly ethnic Chinese and including some of the country's magnates, pulled out huge amounts of capital. Some moved to other countries or sent their children to study abroad due to a rash of kidnappings for ransom in the past seven years. Ethnic Chinese were often the targets of the kidnappers due to their relative wealth and reluctance to report the crimes. However See praised the government of President Joseph Estrada for finaly cracking down on kidnappings, saying that from a peak of one kidnapping every other day, there was now only one kidnapping a month. "The restoration of confidence in the Chinese-Filipino community is palpable," she said. Tourism business had been greatly affected since foreigners cancelled their package tours for the Philippines, See added. The estimated loss reached 52.878 million pesos (1.4 million dollars). "Asia was booming before it was hit by financial crisis and with greater disposable income, people are travelling abroad. Unfortunately, many bypassed the Philippines." She admitted she had no "hard figures" for the losses due to kidnappings but judging from reports among the ethnic Chinese community and the number of businesses that pulled out of the country, at least 180 million pesos in investment fled due to the kidnappings. See also estimated that as much as 37.770 billion pesos (1.0 billion dollars) was lost as foreign investors shunned the country due to the abductions. -=-=- 