Cebu biz leaders hope BBM victory translates to progress
CROSSING FINGERS FOR GOOD ECONOMIC PLANS
The Cebu business sector hopes for continuity of governance and strong economic team after it became clear that Ferdinand “Bongbong” Marcos Jr., was headed for a landslide win on Monday’s presidential elections.
“We await for his [Marcos] economic program and his chosen economic team as our country faces many challenges. We are hopeful that the overwhelming support of the majority of the people will translate to economic progress for all,” said Cebu Chamber of Commerce and Industry (CCCI) president Charles Kenneth Co.
Likewise, Mandaue Chamber of Commerce and Industry (MCCI) president Kellie Ko made a call to the incoming Marcos-Duterte administration to lay down economic plans, as the pandemic and the current geopolitical situation continue to pose a challenge.
“We need a healthy dose of optimism. It is in this spirit that we eagerly anticipate the new administration's economic plans,” noted Ko.
Philippine Chamber of
Commerce and Industry (PCCI-Visayas) Melanie C. Ng hopes that the incoming new administration will continue to work with the private sector and “share their plans in making our country more progressive especially plans that will positively impact our region.”
Now that the election battle is over, Ng said “we can now focus on what our country needs moving forward. The new administration will be faced with challenges stemming from the effects of the pandemic and economic impact of geopolitical global affairs.”
These captains in Cebu business sector are one in welcoming the entry of Marcos-led administration, respecting the country’s democratic process.
“We hope that the transition to the new administration will be smooth. May they build upon the foundation laid down by previous administration,” added Co.
MCCI past president Steven Yu, on the other hand, expressed confidence that Marcos Jr., the first Philippine President elected by majority of the voting population in the last 30 years, will bring the country’s economic prospects on track, or even higher.
“We are confident and highly positive with the future prospects of the Philippines under the BBM presidency,” Yu said.
“BBM has been constantly touching base with the business community in Cebu since many, many years ago. He has listened intently to our issues and concerns, and has given constant support. We are positive and optimistic with what lies ahead under his presidency,” Yu said.
According to Yu, even at the height of the Covid pandemic, Marcos Jr., would reach out and engage in small group discussions with business leaders.
“I would count him [Marcos Jr.,] as the presidential candidate who has interacted with us [business sector] the most during the last 3 years.”
Philippine Retailers Association (PRA-Cebu Chapter) and CCCI past president Robert Go also expects the incoming administration to appoint good finance secretary, trade and industry chief, as well as a battery of other good cabinet secretaries.
In a one-on-one interview with Marcos Jr., on CNN prior to May 9 election, he vowed to lay down sound economic platform for the Philippines.
Marcos Jr., who was given a Special Diploma in Social Studies from Oxford University in England in 1978, and had post-graduate studies at the Wharton Business School, University of Pennsylvania, USA taking up Masters in Business Administration but failed to complete the course, mentioned the importance of helping the micro, small and medium enterprises (MSMEs) affected by the pandemic by giving them tax amnesty and access to finance.
The incoming President also promised to look deeper on vetoed bill Endo (end of contract), as well minimizing, if not eradicating implementation of lockdowns.
In the same interview, Marcos Jr., also mentioned the importance of creating a good team of economic managers to manage the economic bruises brought about by the pandemic.
On Tuesday, May 10, 2022, the benchmark Philippine stock index dropped amid a global selloff, as investors awaited economic plans of Marcos Jr.,
According to Manny Cruz, a strategist at Papa Securities, Marcos has to form his economic team right away to provide local market stability.