Biz groups back Go, Recto appointments as Finance chief, ES

The country's major business groups have welcomed the appointment of Special Assistant to the President for Investment and Economic Affairs (SAPIEA) Frederick Go as Finance Secretary, and his predecessor Ralph Recto as Executive Secretary as their appointments were viewed as timely to boost investor confidence.

On Monday, Malacañang announced that Go would succeed Recto, who was named as President Ferdinand "Bongbong" Marcos Jr.'s Executive Secretary.

The Philippine Chamber of Commerce and Industry (PCCI) and the Federation of Philippine Industries (FPI) expressed support for new Cabinet appointments.

In a statement, PCCI President Enunina Mangio said the appointments came at a "critical time" as she commended Marcos "for these key selections."

"The business community looks forward to working closely with both leaders in advancing reforms that enhance competitiveness, strengthen investor confidence and generate sustainable opportunities for Filipino enterprises," Mangio said.

Likewise, FPI Chairperson Beth Lee described the appointments as "key to restoring confidence and stability."

Lee noted that Go's extensive experience in investment promotion would position him well to sustain momentum in fiscal stewardship and investor confidence as the new Finance secretary.

Meanwhile, in a joint statement, PCCI, Financial Executives Institute of the Philippines (FINEX), Institute of Corporate Directors (ICD), Makati Business Club (MBC), Management Association of the Philippines (MAP), and Philippine Finance Association (PFA) affirmed their commitment in supporting a competitive, resilient, and inclusive economy. 

"While the current political turmoil raises understandable concerns, we stress that the country's long-term fundamentals remain strong; anchored by a well-regulated financial system, a stable banking sector, and companies that continue to invest in and believe in the Philippines," the business groups said.

"Equally important, private-sector investment has stayed strong. Over the last ten years, gross fixed capital formation in the Philippines has consistently ranged between 22% and 27% of GDP, with total investment surpassing P6 trillion in 2024. This ongoing level of capital spending, mainly driven by business growth, clearly indicates that Philippine companies continue to build capacity, expand operations, and invest in the country's long-term prospects," the groups said. — VDV, GMA Integrated News