MBC ready to work with next administration

MANILA, Philippines — The Makati Business Club (MBC) is ready to work with the new administration to promote economic growth and job creation.

In a statement, MBC congratulated presumptive president Ferdinand “Bongbong” Marcos Jr. and presumptive vice president Sara Duterte for their victory in the elections.

“The Filipino people have spoken and we, as well as other members of the business community, look forward to working with the incoming administration, Congress and local governments to build our economy and to create jobs and opportunity,” the group said.

MBC commended the efforts of other candidates, as well as the teachers, other election officials, election monitoring groups, volunteers and voters for their contribution to the success of the elections, marked by the largest voter turnout in the country.

“We urge everyone to channel the energy mustered during the campaign to work together to drive the changes expected by people to bring about greater inclusiveness, an improvement in peoples’ lives and prosperity for all,” MBC said.

In an earlier statement, MBC said it is getting the business sector’s recommendations on job creation and infrastructure development.

The recommendations would be part of the economic and infrastructure blueprints to be presented by MBC to the incoming administration and Congress.

MBC said the country’s recovery trajectory in the short- and medium-term faces threats, especially from higher prices due to the ongoing conflict between Ukraine and Russia, as well as the current debt-to-gross domestic product ratio.

In the short term, MBC said there is a need for the new set of leaders to mitigate the effects of rising inflation through increased production and by addressing supply bottlenecks.

“MBC calls on the new government to invest in reforms with long-term impact such as boosting investments in infrastructure (with the help of private sector), developing an education ‘catch-up’ plan and reskilling and upskilling the workforce,” the group said.

Other business groups have also expressed willingness to work with the incoming administration, such as the Philippine Chamber of Commerce and Industry and the Joint Foreign Chambers composed of the American, Australian-New Zealand, Canadian, European, Japanese, Korean chambers and Philippine Association of Multinational Companies Regional Headquarters Inc.