Cabinet revamp brings new hope amid challenging times
Some of the Philippines’ leading business groups have expressed optimism about the new look the Marcos Cabinet has taken, following a shakeup that moved Ralph Recto to the office of the executive secretary and made Frederick Go the new finance secretary.
They hope the new appointments will jolt the economy and bring much-needed stability.
“Placing leaders of such proven capability and economic expertise in these critical roles signals a serious commitment to the nation’s financial stability and growth trajectory in these challenging times,” said Victor Lim, president of the Federation Of Filipino Chinese Chambers Of Commerce & Industry, Inc. (FFCCCII).
The Philippine Chamber of Commerce and Industry (PCCI), the country’s largest business organization, said Recto and Go’s track record made them fit for the job.
“We commend President Marcos for these key selections, which come at a critical time for our economy. Executive Secretary Recto brings a wealth of legislative and policy expertise, while Secretary Go’s strong background in business and investment promotion will be valuable in steering fiscal policy and driving economic growth,” said PCCI president Enunina Mangio.
The groups acknowledged the challenging economic environment surrounding the shakeup.
The Philippines saw its third-quarter gross domestic product (GDP) grow at its weakest pace in four years. The stock market also fell to a five-year low and the peso slid to its lowest level on record—all amid ongoing investigations into anomalous flood control projects.
“The current economic situation, marked by both opportunity and uncertainty, demands good governance. The FFCCCII hopes that this leadership team will advance the crucial socio-economic reforms necessary to foster a resilient, stable and inclusive Philippine economy,” Lim said.
“We urge our government to swiftly address this political instability and hold those involved in corruption accountable. This is one way of restoring investors’ trust and confidence in us [Philippines],” Mangio said.
The Philippine Retailers Association (PRA), where Go once served as a board member, said the new finance secretary understood how to boost investor confidence.
“The PRA is confident that Secretary Go will bring his strong business acumen, strategic vision and collaborative leadership to the Department of Finance. His appointment comes at a pivotal time for the nation’s economy, and we trust in his ability to guide key fiscal priorities that advance stability, growth and resilience,” the group said.
Musical chairs
The Federation of Free Farmers, however, said this was a mere “cosmetic” change and “a game of musical chairs.”
“Secretaries Go and Recto are part of the economic team that has been sacrificing small farmers on the altar of ‘low inflation’ and ‘consumer welfare,’” FFF chair Leonardo Montemayor said in a Nov. 18 statement.
The group claimed Recto and Go had a hand in the passage of Executive Order No. 105, which adjusted the import tax on rice at a flexible rate between 15 percent and 35 percent, depending on world market prices.
“[It is] a formula to depress prices and incomes received by rice, pork and corn producers,” Montemayor said.
