A successful business summit

Majority of those who attended the two-day business summit dubbed as Sulong: Hakbang Patungo sa Kaunlaran” organized by the economics team of incoming president Rodrigo Duterte came out with a highly optimistic feeling that things are moving towards the right direction under the next administration that will formally take over on June 30.

Many said they actually enjoyed listening to the president-elect and were heartened that he consulted the business sector first before assuming office – a clear indication that “he takes business seriously,” one of the summit participants said. Many were congratulating incoming Finance secretary Carlos “Sonny” Dominguez, who spearheaded the summit, with the country’s top business groups from all over the country in attendance.

Various industries presented their concerns and also gave recommendations on how to generate more jobs and enhance the economy. A common concern, however, is the current tax system with many suggesting a comprehensive overhaul, saying unclear and conflicting memorandum circulars aggravate the situation. 

Aside from taxes, a major issue from the business community is the continuing corruption in several agencies, among them the Bureau of Customs with millions of government revenues lost everyday due to smuggling and other illegal activities. It would seem the summit warmed the relations between the president-elect and the business community which was initially very wary at the prospect of a Duterte presidency.

Groups like Goldman Sachs, however, believe Rodrigo Duterte would be good for business, citing his resolve to boost infrastructure spending, his support for the farming sector and his vow to cut bureaucratic red tape. After a meeting with Mayor Duterte, Goldman representatives went away impressed with the decisiveness and the strong political will that they sensed in the incoming president. Most of all, they welcomed president-elect Duterte’s “keenness to delegate” – something that is not surprising to those who know Duterte very well. 

Mining industry apprehensive over Gina Lopez appointment

We know Gina Lopez and believe she really means well when she says she wants to protect the environment and help uplift the lives of Filipinos living in poverty. Her work with Bantay Kalikasan underscores her zeal in protecting our natural resources and in preserving critical ecosystems.

However, mining industry players especially foreign mining companies are very apprehensive over her appointment as DENR secretary, expressing concern that she could totally swing to the “left of center” instead of coming out with reasonable and practical policies as far as the mining industry is concerned, especially since she has stated she is “absolutely anti-mining as it causes suffering for the poor.”

Mining groups want to organize a dialogue to highlight the good that “responsible mining” – which is the operative phrase – can do for the residents of the communities where they operate. Adding to the apprehension is the recent tumble in the mining and oil sector when news of Gina’s appointment broke – losing 488.55 points or 4.09 percent. Philex Mining was among those that have been hit hard, down by 12.1 percent the other day and down as of this writing by 10.6 percent – 22.7 percent in just two days.

The fact is, it’s the irresponsible mining groups – many of them small-scale players and the so-called backyard miners – who have been a bane to the industry that has a vast potential to contribute to the economy, with the Philippines having an estimated $1 trillion of untapped mineral wealth. A lot of companies adhere to responsible mining and contribute to the growth in the areas where they operate, among them Philex whose corporate social responsibility advocacy and projects have been recognized as among the best in the Philippines.

Just recently, the company inaugurated a 2-km farm-to-market road that would benefit thousands of residents in several barangays in Benguet as the road completes the loop that links six sitios (villages) in the area. Aside from constructing the road, the company also helped the areas get energy, spending a total of P12.2 million for the 2-km road and the energization project that would uplift the standard of living of residents. Not many know that mining companies spend millions annually for Social Development Management Projects to benefit communities – on top of the many other local taxes they also pay.

Top Duterte Cabinet picks

Many have criticized president-elect Duterte for some of his Cabinet choices because they happen to be friends or classmates – which is really understandable because the president has to make sure he can trust the people who will serve as his alter ego. However, he has also made some very good appointments which have been welcomed by various sectors.

An informal survey among those who attended the 2-day business summit in Davao revealed the “top 5 Cabinet picks” of the incoming administration, starting with Finance Secretary Sonny Dominguez who is well-known by many, having previously served as the Agriculture Secretary under the late Cory Aquino.  Next is Transportation Secretary Art Tugade, a cum laude graduate of San Beda and known as a brilliant man whose stint as chief of the Clark Development Corporation was cut short when he joined the campaign of Duterte.

Next is Budget Secretary Ben Diokno who is well respected in the academe and also served as DBM chief during the term of Joseph Estrada and as Budget Undersecretary during the time of Cory Aquino. Another one whose appointment has been received very well particularly by the business sector is Go Negosyo’s executive director Ramon Lopez as Trade Secretary. Ramon’s advocacy for MSMEs (micro, small and medium enterprises) has helped many Filipinos grow their small businesses. Rounding up the top picks is incoming Health Secretary Paulyn Ubial who has served for almost three decades in the health sector. Being an insider, Ubial, who is currently Assistant Secretary at the DOH, is recognized as a public health expert.

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