Bankers want incoming admin to address economic headwinds

The Bankers Association of the Philippines (BAP) has asked the incoming administration to seriously address the economic headwinds.

In a statement, BAP president Antonio C. Moncupa, Jr., said there are considerable headwinds facing the economy, such as geopolitical uncertainties, inflation, and the lingering effects of the pandemic. “We wish the new administration well in meeting these challenges.”

BAP, an association composed of 35 commercial banks, 21 local banks and 14 foreign banks, congratulates presumptive president-elect Ferdinand R. Marcos Jr. as the next leader of our country.

“The BAP looks forward to working with the incoming administration to ensure a strong, stable, and well-functioning financial system to support the nation’s development goals,” Moncupa said.

According to Moncupa, the generally peaceful and orderly election spells positive effects to the Philippine economy.

Earlier, the Cebu business sector expressed hopes that the new administration will continue to forge strong partnerships with private sector.

Philippine Chamber of Commerce and Industry (PCCI-Visayas) Melanie C. Ng said, that the sector in the Visayas expects that the incoming new administration will continue to work with them 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.”