MANILA, Philippines — President-elect Ferdinand “Bongbong” Marcos Jr. is taking the right steps in choosing technocrats as the next administration’s economic managers, with the move seen to allay investor concerns, international think tank Capital Economics said.
In a report, economist Alex Holmes said the incoming president has picked competent economic managers.
Marcos has appointed Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno as finance secretary.
Meanwhile, Felipe Medalla, who is currently a member of the central bank’s Monetary Board, will be taking over as BSP head.
“The appointment of two technocrats who have spent most of their careers in government roles, suggest that the new president is following the same playbook as President Duterte, who delegated management of the economy to competent technocrats,” Holmes said.
“The announcements should help ease the concerns of investors who have been unnerved by Marcos’ rise,” he said further.
Earlier this month, Holmes and fellow economist from Capital Economics Gareth Leather said Marcos would do well to follow in Duterte’s footsteps by tapping competent bureaucrats to manage the economy.
Last February, Capital Economics said the Philippine economy would likely worsen should Marcos win as president in the elections.
At the time, the think tank cited the absence of Marcos’ plans on economic recovery, fiscal policy or how to improve the business environment.
Aside from Diokno and Medalla, also named to be part of the economic team under the new administration are Philippine Competition Commission chairperson Arsenio Balisacan who will serve as National Economic and Development Authority chief, and former University of the Philippines president Alfredo Pascual as Department of Trade and Industry secretary.
Business groups have welcomed the announcement of the incoming administration’s economic team as the seasoned leaders are seen capable of managing challenges to the country’s recovery.
Groups that have lauded the appointment of the economic leaders include the Philippine Chamber of Commerce and Industry, Makati Business Club, Philippine Exporters Confederation Inc., American Chamber of Commerce of the Philippines, and European Chamber of Commerce of the Philippines.