Go: DOF to lead investment push after OSAPIEA abolition

Finance Secretary Frederick Go said he will continue spearheading the Marcos administration’s investment promotion efforts despite the impending abolition of his former office, the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA).

Go, the erstwhile Special Presidential Assistant on Economic Affairs, recently replaced Ralph Recto as DOF chief, following the latter's appointment as Executive Secretary, the chief alter ego of President Ferdinand “Bongbong” Marcos Jr.

In a press briefing, Go was asked who would lead the government’s investment promotion activities—a function he had previously overseen.

“So, in my capacity as DOF Secretary, I will continue to help coordinate and support the investment promotion activities of the government. I will still help and be there to tie all of this together," he said. 

"As you know, the Secretary of Finance is generally viewed as the head of the economic team,” Go added.

He said that the government's continued investment promotion is crucial for job creation.

“I’ll continue to help with investments because that’s what we really need. It’s all about job creation and increasing employment,” he said.

Go also said that 10 personnel from OSAPIEA will be transferred to the Office of the President under Undersecretary for Economic Affairs Erwin Santa Ana to continue supporting investment-related initiatives.

“I think the efforts we undertook when I was Special Assistant to the President were very much appreciated by the business sector,” Go said.

Santa Ana previously served as senior adviser to the executive director of the World Bank and as deputy treasurer of the Bureau of the Treasury.

Go said he would also focus on “ensuring that the government builds on the gains of the past three years.”

Among the measures he cited for further implementation were the Public-Private Partnership (PPP) Law, the CREATE MORE Law, the ARROW Law, the Land Lease for Foreign Investors Act, and the Philippine Mining Fiscal Regime Act.

On trade negotiations, Go said the Department of Trade and Industry will continue to take the lead.

“Before, I was helping to lead it,” Go said, adding that he will remain “actively involved,” particularly since “most of the discussions involve tariff considerations.”

Before his transfer to the Department of Finance, Go announced that the United States granted additional tariff exemptions for Philippine products, including key agricultural exports such as coconuts, pineapples, bananas, and mangoes, from the 19-percent reciprocal tariff imposed by US President Donald Trump.

He earlier said trade negotiations between the Philippines and the United States remain ongoing, as the country seeks further exemptions for products such as garments, travel goods, and furniture.—MCG, GMA Integrated News