Businesses, banks commit support to incoming government

MANILA, Philippines — The Philippine Chamber of Commerce and Industry (PCCI), the largest business organization in the country, has expressed its full support to the incoming administration led by presumptive president Ferdinand Marcos Jr. and vice presidential frontrunner Sara Duterte-Carpio.

Likewise, big banks are looking forward to working with the next government to ensure a strong, stable and well-functioning financial system to support the country’s development goals.

PCCI president George Barcelon said the Filipino people have given the Marcos-Duterte tandem an overwhelming mandate to lead the country, which faces many challenges brought about by the COVID-19 pandemic, the geopolitical storm in Ukraine that has brought about an increase in energy cost, and higher inflation due to upward food prices and strained logistics.

He said there would be temporary blips in the country’s rating due to these developments. However, he noted that the economy has always been resilient and remains strong, with the macro-economic fundamentals intact due to economic reforms.

“To sustain our recovery, we need to strengthen our domestic economy against external risks, such as the ongoing Russia -Ukraine war, higher global commodity prices and slowdown in China’s economic activity,” Barcelon said.

He said PCCI will fully support the next administration’s platform and will continue to advocate economic reforms needed to elevate the country to greater heights. Barcelon added that the PCCI is ready to submit issues it has identified to be given priority to accelerate economic progress.

Barcelon said PCCI looks forward to strengthening the partnership between the new government and the business community to move the country forward. The close coordination, openness and rapport between the government and business leadership have proven effective as exemplified by the implementation of the Sulong Pilipinas program.

Antonio Moncupa Jr., president of the Bankers Association of the Philippines (BAP), said the generally peaceful and orderly election is positive for the economy.

“There are considerable headwinds facing the economy – geopolitical uncertainties, inflation, and the lingering effects of the pandemic. We wish the new administration well in meeting these challenges,” Moncupa, who is also president and CEO of East West Banking Corp, said.

The BAP is the lead organization of universal and commercial banks in the Philippines consisting of 45 member banks, including 21 local banks and 24 foreign banks. – Lawrence Agcaoili