PSAC strengthens ties with US-ASEAN Business Council

CEBU, Philippines —  Aboitiz Group President and CEO and Private Sector Advisory Council (PSAC) lead convenor Sabin Aboitiz was joined by PSAC members RFM Corporation President and CEO Joey Concepion, Ayala Healthcare Holdings, Inc. President and CEO Paolo Borromeo, and Ayala Corporation Independent Director Riza Mantaring in the 2022 Philippine Business Mission meeting organized by the US-ASEAN Business Council at The Grand Hyatt Manila, Taguig City on October 25 - 28, 2022.

“The new Marcos administration has taken all the necessary steps to make it as easy as possible for American companies and investors to do business here. The President and his team truly listen to the business community and treat us as real partners,” Aboitiz said.

During the opening meeting, American Chamber of Commerce of the Philippines (AmCham) Executive Director Ebb Hinchliffe described President Ferdinand “Bongbong” Marcos Jr.’s economic team as “the best team to navigate the Philippines’ economic recovery” following lockdowns caused by the Covid-19 pandemic.

He also said that President Marcos’ economic team, which includes Finance Secretary Ben Diokno, Trade Secretary Alfredo Pascual, NEDA Secretary Arsenio Balisacan, Bangko Sentral Governor Felipe Medalla, Budget Secretary Amenah Pangandaman, and Energy Secretary Popo Lotilla, are “the best people on their list and sends a strong message of confidence to foreign investors.”

“A lot of American companies are coming to this country. This new administration, with these secretaries I just named, and of course Mr. Aboitiz here in his position, that says so much to the American investors. So, from the Amcham’s standpoint, as I said there is no better time to invest in the Philippines,” Hinchliffe said.

Retired Ambassador Michael Michalak, US-ASEAN Business Council Senior Vice President and Regional Managing Director, echoed AmCham’s optimism on the potential of the Philippines and lauded President Marcos Jr.'s move to regularly consult the private sector, which is a key part in leading the country’s economic recovery and development.

Michalak also pointed out that the recent US visit of President Marcos Jr. was responsible for their renewed interest in the Philippines, especially with the recent laws passed to attract more foreign firms to invest here.

The PSAC, composed of business leaders and experts, was formed to help speed up economic development and transformation. Its sectoral groups regularly report to President Marcos Jr. to provide feedback on what is happening on the ground and will make recommendations on modern policy development.