Exporters welcome ‘competent’ economic team

MANILA, Philippines — Exporters have welcomed the creation of the new economic team under President-elect Ferdinand Marcos Jr., saying the appointees have the expertise and competence needed to steer the country toward recovery amid unprecedented economic and fiscal challenges.

Sergio Ortiz-Luis Jr., president of the umbrella group Philippine Exporters Confederation Inc. (Philexport), said the organization is “happy with the appointment of the economic cluster, as the impressive credentials and track records of the team members are expected to help the country sustain the respect and credibility in the local and international community.”

He said Philexport collaborated with most of the economic managers on its past advocacies centered on export promotion and support for exporters and micro, small and medium enterprises (MSMEs). He said the trade association looks forward to stronger dialog and collaboration with the incoming economic cluster on addressing the many issues faced by MSMEs and exporters, who have been the worst hit by the ongoing pandemic, inflation, rising fuel prices, geopolitics, and trade disruptions.

The transition at the Department of Finance is expected to be smooth in the case of Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno, since he has been working with Duterte’s economic managers, while Felipe Medalla as the incoming BSP head, is currently in the Monetary Board.

The same is true for former Socioeconomic Planning Secretary Arsenio Balisacan and also the first chairman of the Philippine Competition Commission (PCC) institutionalized during the Duterte administration.

Meanwhile, Alfredo Pascual is bringing in both academe and business background as he takes on the leadership role at the Department of Trade and Industry.

Other very crucial seats in the economic development cluster remain to be vacant, including those of the agriculture, energy, transportation, tourism, science and technology, and budget secretaries.

Ortiz-Luis said he hopes the new administration will give priority to urgent issues confronting the export and MSME community, including facilitating the ease and lowering the cost of doing business, implementation of and updating of the Philippine Export Development Plan, MSME Development Plan and the Strategic Investments Priorities Plan, and the ratification of the Regional Comprehensive Economic Partnership (RCEP) for increased market access, among others.