DOF’s Go vows real, tangible progress

Newly appointed Finance Secretary Frederick Go has vowed to make sure that every action that the Department of Finance  makes under his leadership will translate into “real, tangible progress that every Filipino can feel,” as he officially took leadership of the DOF on Wednesday following a sudden reshuffle by the President of his key economic officials.

Go’s promise comes as President Marcos faces more pressure to rid his government of corruption, improve government revenues, attract foreign investments and keep the economy growing at a time when the global economic order is being reshaped by the US and China, and the advent of Artificial Intelligence.

Go is aiming to steer the Philippine economy toward greater heights in the remaining years of President Marcos’ term while ensuring the delivery of the government’s promises. “Our people deserve no less,” he told his new DOF family who must work with him to meet the fiscal and economic challenges head-on.

Go said that he welcomes constructive suggestions and actionable ideas, acknowledging that such feedback would help him strengthen the DOF’s efforts to deliver impactful and responsive solutions.

The former special assistant to the president for investment and economic affairs has already received expressions of support from major business groups. The transition is viewed by the business community as  well-timed to boost policy coherence, investor confidence and economic momentum.

Among those who welcomed the changes to the economic team were the Philippine Chamber of Commerce and Industry and the Federation of Philippine Industries (FPI). According to PCCI president Enunina Mangio, the new appointments of Executive Secretary Ralph  Recto and Finance Secretary Go come at a critical time.

The business community looks forward to working closely with Recto and Go in advancing reforms that enhance competitiveness, strengthen investor confidence and generate sustainable opportunities for Filipino enterprises.

FPI chairperson Beth Lee, for her part, said the changes are “key to restoring confidence and stability.” She expressed the view that “Secretary Go’s extensive experience in investment promotion positions him well to sustain momentum in fiscal stewardship and investor confidence.”

The Information Technology and Business Process Association of the Philippines cited their close collaboration with Secretary Go during his time as special assistant to the President, especially in ensuring the CREATE MORE Law’s provisions on incentive availment were clear. IBPAP holds Go in high regard, praising his steady guidance and unwavering support for the IT-BPM sector.

The Philippine Industrial Estates Association Inc. also welcomed Go’s appointment as a significant boost for the investment climate. PHILEA president Francisco Zaldarriaga said Go’s commitment to enhancing competitiveness aligns well with PHILEA’s mission to attract long-term, high-quality investments.

Government agencies such as the Philippine Economic Zone Authority (PEZA) and the Bases Conversion and Development Authority (BCDA) assured their continued backing for the development of economic zones and investment-friendly policies.

BCDA specifically cited Go’s role in key reforms like the ARROW Act and the CREATE MORE Act, both of which have accelerated project approvals and strengthened conditions for job creation.

Overall, business groups from various sectors expressed eagerness to collaborate with the new economic team to sustain reforms.

At his previous post as special assistant to the president for investment and economic affairs, Go had worked on several key initiatives, which  included boosting the capital markets through several measures  to encourage listing and participation in the Philippine stock market.

The new Finance chief also played a part in shepherding the passage of  the Capital Market Efficiency Promotion Act, as well as the crafting of the new Public-Private Partnership Code and its Implementing Rules and Regulations, which replaced the country’s decades-old Build-Operate-Transfer Law and introduced a new, investor-friendly PPP Code that encourages greater private sector participation and the submission of unsolicited proposals.

Go was likewise deeply involved in the passage of the CREATE MORE Act, a  landmark legislation that offers up to 40 years of fiscal incentives to investors – a combination of income tax holidays, enhanced tax deductions and special corporate income tax, and non-income tax-based incentives.

It also restores the power of approvals of projects of up to P15 billion to investment promotion agencies such as by the Board of Investments for domestic market enterprises and the PEZA for export-oriented enterprises.

The new DOF chief also had a hand in the  digitalization of the national ID, one of the top priorities of the Marcos administration. With the slow rollout of physical IDs – with only about half of the population receiving them – Go helped in pushing for the rollout of digital IDs to ensure faster, broader, and more secure access for all Filipinos.

The  Luzon Economic Corridor initiative was also among the accomplishments of Secretary Go. The initiative was launched in 2024 during the trilateral summit among the Philippines, the US, and Japan to drive infrastructure development in the corridor, supporting connectivity between Subic, Clark Manila and Batangas. The flagship is the 212-kilometer freight railway.

He also had a role in the VAT refund for tourists, which now places the Philippines  at par with other tourism-centered countries.

Another initiative Go is credited for is the e-Visa system with India and China, and which the government aims to extend to other countries.

He likewise contributed on the Amended Investors’ Lease Act which extends land lease terms to 99 years – something long-awaited by many foreign investors. Since land ownership remains restricted, this reform provides the next best option, putting the Philippines at par with its ASEAN peers.

Go also worked on the Enhanced Mining Fiscal Regime Act that introduces a simpler and more competitive tax framework that promotes mineral extraction and mineral processing, while ensuring predictability and sustainability in the industry.