Business sector positive on post-election change

The business community is optimistic about the impending change in leadership at the national and local government levels.

"This election was relatively peaceful, fast, and counting was quick with fewer major controversies," said George T. Siy, chairman emeritus of the Anvil Business Club.

The candidates in the presidential and vice presidential elections were basically the reason for optimism, the businessman noted.

"In fact, the top candidates for the presidency and vice presidency have demonstrated characteristics that... give us reason for optimism, despite their shortcomings," he said.

As of 12:00 p.m. Tuesday, Davao City Mayor Rodrigo Duterte has maintained his lead in the presidential race, according to the partial and unofficial results from the transparency server of the Commission on Elections (Comelec).

'A fresh start'

Latest data available showed Duterte with 15,311,279 votes and closest contender Manuel "Mar" Roxas with 9,229,131 votes.

For the vice presidential race, administration bet Camarines Sur Rep. Maria Leonor "Leni" Robredo has overtaken her rivals with 13,398,542 votes with closest rival Senator Ferdinand "Bongbong" Marcos Jr. with 13,213,130.

"It's a fresh start for all. The general efficiency and reporting speed of the results make for a credible election process," said Hans B. Sicat, president of the Philippine Stock Exchange (PSE).

"Hopefully, contenders rally behind the president-elect. For the business and financial community, it's important that he names credible people into economic advisory positions," Sicat emphasized.

Philippine share prices opened on a soft note Tuesday, as the market tries to digest the partial and unofficial tally of the May 9 national and local elections.

With his breakaway lead, Duterte must now indicate his priorities regarding the Philippine economy, Sicat noted.

'The economic front'

"Aside from providing the right environment for business and industry to function, it would be good for him to signal what he prioritizes on the economic front. He's mentioned reviewing restrictive constitutional provisions, broadening the tax base, and making the government less bureaucratic. These are strong signals," Sicat added.

Foreign businessmen are also optimistic about the election results and the upcoming leadership change.

"The Philippines has proven again the strength of its democracy. We applaud the fast results in the improved Comelec transmission system," said John Forbes, senior adviser at the American Chamber of Commerce of the Philippines.

"We look forward to working with the next President on increasing investment and jobs in the Philippines," he added.

The elected officials are scheduled to assume office on June 30. – VDS, GMA News