Tycoons reaffirm support for Marcos admin, back PPP

MANILA, Philippines — The country’s top tycoons have reaffirmed their support for the Marcos administration as the government’s economic managers assured the business community of their renewed commitment to public-private partnerships.

During the Philippine Economic Briefing (PEB) in New York last week, Ayala Corp. chairman Jaime Augusto Zobel de Ayala said it was now up to the private sector to maximize the favorable business environment under the Marcos administration.

“This government has been very supportive of the private sector and public participation. The President is very keen to get the private sector involved and we are delighted with that,” Zobel said.

He added that with this encouraging business environment, there’s a chance for private capital to support the public sector in many ways.

Aboitiz Group president and CEO Sabin Aboitiz, convenor of the Private Sector Advisory Council (PSAC) who was also part of the Philippine business delegation to New York, said President Marcos has committed to strengthen the collaboration between the private and public sectors and has been working to foster productive ties between government and business to uplift the country.

Key stakeholders, including business leaders and government officials, attended the PEB in which discussions were held on the economy and industry, legislative reforms, targets as well as the fiscal framework, which are all envisioned to help the Philippines become an upper middle-income economy.

During the briefing, Marcos himself said the government team discussed fiscal policies and programs with the international community in hopes of attracting more investments to secure economic growth.

Finance Secretary Benjamin Diokno, in his keynote message, emphasized that private participation is vital in the achievement of the near- and medium-term agenda of the administration.

“Our renewed commitment to public-private partnerships and the newly enacted economic liberalization laws will support our lofty infrastructure plan. The CREATE Law has cut our corporate income tax rate by 10 percentage points for domestic micro, small and medium enterprises and five percentage points for all other corporations, which include foreign enterprises,” Diokno said, adding that the law also revamped the fiscal incentives system.

Lastly, the budget priorities, which include education, health and infrastructure, presented by Budget Secretary Amenah Pangandaman, gave assurance of a productive and healthy workforce and an increased capacity for other ventures that will benefit both the public and private sectors.

Other members of the Philippine business delegation who joined the US visit were International Container Terminal Services Inc. chairman and president Enrique Razon; Metro Pacific Investments Corp. chairman and president and CEO Manuel V. Pangilinan; San Miguel Corp. chairman, president and CEO Ramon Ang; JG Summit Holdings Inc. president and CEO Lance Gokongwei; Magsaysay Group president and CEO Doris Ho and SM Prime Holdings director Hans Sy.