The Freeman

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.”

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