Elevating economic strategy through the appointment of new economic czar

The recent creation of a new government office tasked with overseeing the Cabinet’s economic cluster marks a significant stride in the economic landscape of the Philippines.

Created by President Marcos under Executive Order 49, the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA) will be headed by Frederick Go, president and CEO of Robinsons Land Corp. (RLC).

Go’s appointment to lead OSAPIEA comes after months of providing crucial economic advice to President Marcos as the Presidential Adviser on Investment and Economic Affairs.

In his new capacity as the inaugural secretary of OSAPIEA, Go will be supervising and monitoring key departments, including the Department of Finance, National Economic and Development Authority, Department of Budget and Management, and the Department of Trade and Industry, along with their attached agencies such as the Board of Investments, Philippine Economic Zone Authority and the Securities and Exchange Commission.

The establishment of OSAPIEA aligns seamlessly with the administration’s objective of attracting more foreign direct investments (FDI) to the Philippines. President Marcos’ dedication to promoting the country as a leading investment destination has resulted in substantial foreign investment commitments.

According to data from Office of the Presidential Assistant on Investment and Economic Affairs and the DTI, as of mid-2023, the President’s overseas trips have brought in a staggering $62.926 billion (equivalent to P4.48 trillion) in foreign investment commitments.

With the substantial pledges, Go’s leadership in OSAPIEA is pivotal in ensuring that these translate into tangible economic growth domestically. His role includes integration and coordination of various government investment and economic policies, likewise ensuring the implementation of crucial programs vital for national development.

Earlier, President Marcos articulated that the nation anticipates an increase in investment opportunities through the enactment of economic liberalization laws and strategic reforms, such as the Retail Liberalization Act, the Public Services Act, the Foreign Investments Act, and the provisions outlined in the Corporate Recovery and Tax Incentives for Enterprises Act. With these transformative reforms on the horizon, Go’s role assumes heightened significance, poised to play a crucial part in navigating the evolving economic landscape.

No stranger to this responsibility, Go brings his rich experience and expertise to the leadership position. He has been offering economic counsel to the President, meticulously overseeing the implementation of priority programs and projects, and expeditiously facilitating inter-agency actions to meet crucial targets. Additionally, Go has been a valuable companion to the President during overseas trips, further solidifying his hands-on involvement in shaping economic strategies on both the domestic and international fronts.

A seasoned professional, Go has a proven track record in building RLC from the ground up into a formidable property giant. His success story includes growing it from five assets to a P223-billion company with over 53 shopping malls and over 100 developments. Leading two other listed firms – RL Commercial REIT and Altus Property Ventures, and holding key positions in entities like Clark Airport, Cebu Pacific and Meralco, Go brings a wealth of experience to his new role.

To fully concentrate on his responsibilities as OSAPIEA secretary, Go is set to step down from his leadership role at RLC and from his positions in other Gokongwei-owned and private companies, as required for top government officials.

I had the honor and privilege of collaborating with Secretary Go during our tenure as judges for Metrobank Foundation’s Outstanding Filipinos in 2022. The esteemed board, chaired by Sen. Grace Poe Llamanzares and co-chaired by Associate Justice Ramon Paul Hernando, included notable members such as Benjamin Ramos, president of CNN Philippines, representing the media, and Ma. Cecilia Alcantara, president of Coca-Cola Foundation Philippines, representing civil society organizations. Serving as the representative for professional organizations in my capacity as chairman of the International Association of Business Communicators Philippines, I found the experience to be incredibly rewarding. It allowed me to witness and contribute to a collaborative leadership environment alongside Secretary Go – an honor that I deeply cherish to this day.

I wholeheartedly trust and believe that as Secretary Go embarks on this new chapter, his expertise, coupled with his proven ability to drive economic success, positions him as a key player in advancing the country’s economic agenda. OSAPIEA, under Secretary Go’s leadership, holds the promise of not only attracting foreign investments but also strategically utilizing them to propel the Philippines into economic parity with its regional counterparts.

The entire nation will be watching, eagerly anticipating the impact of this new era of economic development.