PCCI, MBC welcome Marcos' appointments to admin's economic team

Two of the country’s top business groups have lauded President-elect Ferdinand Marcos Jr.’s unveiling of his economic team, saying the seasoned economic managers can take on the challenge of reviving the country’s pandemic-battered economy.

Philippine Chamber of Commerce and Industry president George Barcelon said the business community was delight to learn about the appointments of Central Bank Chief Benjamin Diokno as Secretary of Finance, BSP Monetary Board Member Felipe Medalla as Central Bank Chief, Arsenio Balisacan as Secretary of the National Economic Development Authority (NEDA) and former University of the Philippine President Alfredo Pascual as secretary of trade and industry.

“They are all seasoned and competent economic leaders. We believe they would do good in managing our fiscal affairs," Barcelon said.

"As you know, we are faced with critical issues such as the huge debt deficit, and the need for post pandemic reforms and programs to sustain recovery, among others,” he added.

Makati Business Club executive director Coco Alcuaz said the appointments of Diokno, Baliscan, Medalla, and Pascual as the respective chiefs of Finance, NEDA, BSP, and Trade “should boost the confidence of local and foreign businesses, from MSMEs (micro, small and medium enterprises) to big players, that the new administration will promote liberalizing but inclusive policies that will accelerate job creation, competition, and economic recovery.”

Alcuaz described the incoming economic managers as “experienced” and “well-known leaders.”

“As the first economic czar who has headed the two other big economic agencies—DBM and BSP—Governor Diokno will have rare insight on how the government and private sector work together to boost jobs and growth,” Alcuaz said.

Barcelon said that the PCCI was optimistic that the appointment of Marcos’ new economic team would bring confidence to local and foreign businesses.

“We are fortunate that we have a strong foundation and we remain among one of Asia’s fastest- growing economies. There remain some policy issues that need to be addressed to accelerate our growth momentum,” Barcelon said.

The PCCI chief said the new economic managers were up to the critical task for the next several years as the government faced fiscal woes caused by the pandemic and other issues.

Marcos named Diokno as the successor of outgoing Finance Secretary Carlos Dominguez III, the current chief of President Rodrigo Duterte’s economic team.

Diokno is currently the governor of the BSP since 2019, when he took the post vacated by Governor Nestor Espenilla Jr., who succumbed to cancer. He will cut short his term as central bank chief which was set to end in July 2023.

Medalla, a member of the BSP’s policy-setting Monetary Board since 2011, will succeed Diokno in the BSP.

Balisacan, the current chairman of the Philippine Competition Commission (PCC), will reprise his role as the country’s chief economist leading the state planning agency NEDA — a position he previously held under the administration of late President Benigno Aquino III.

Marcos also tapped Pascual to lead the Trade Department and Manny Bonoan as Public Works chief.

Pascual is the head of the Management Association of the Philippines and a former president of the University of the Philippines, while Bonoan is the president and chief executive officer of SMC Tollways.

“MBC also welcomes the announcements of Manuel M. Bonoan, Bienvenido E. Laguesma and Susan ‘Toots’ Ople for DPWH, DOLE, and the new Department of Migrant Workers. We look forward to succeeding appointments in the economic team,” Alcuaz said.

Laguesma served as labor chief under then President Joseph Estrada, while Ople is an advocate of overseas Filipino workers’ (OFWs) welfare. —NB, GMA News