BOI assures investors

Board of Investments (BOI) Managing Head Elmer C. Hernandez has assured investors that the government’s economic institutions remain strong despite the sudden change in economic and finance leaders.

He pointed out that the ongoing political turmoil only proves that the country is now politically mature.

"This is so "because the institution is still working," he said.

Hernandez argued that "if we change institutions through mob rule, you don’t know what policy to follow because there is no institution."

Following the resignation of Juan B. Santos as Trade and Industry Secretary, career official Thomas Aquino was named officer-in-charge while Hernandez, who is also a career official, remains as BOI managing head.

Investors over the years have regularly dealt with Aquino and Hernandez and are thus assured that there would be no drastic change in policy.

In fact, there is more concern from the business sector over the leadership change in the Department of Finance which has to oversee the country’s critical financial position.

However, the announcement yesterday of Land Bank president Gary Teves as the new finance chief appears to have calmed some fears since Teves is well-respected in economic circles.