Sustaining the gains, completing unfinished projects and delivering the promises will be a big challenge to the government of President Ferdinand Marcos Jr.
That is according to Edgardo Lacson, chairman of the Employers Confederation of the Philippines (ECOP) as he and fellow business leaders described as comprehensive and substantial Marcos’ second State of the Nation Address (SONA) yesterday.
But they agree, the challenge is really in the execution.
“While we see improvements on the economic front, let us not lose sight of the most important undertaking of the government – to ensure that all these economic gains will redound to the benefit of the Filipino people whose lives need uplifting the most,” said Benedicta Du-Baladad, president of the Management Association of the Philippines (MAP) said in a statement yesterday.
The group advocates for a more equitable income distribution and redistribution as the front and center of the country’s economic development.
“We welcome the initiatives mentioned by the President that would address critical social development issues, such as malnutrition, low level of education, employment, providing better social services, improving health services, digitalization for financial inclusion. These are the very same advocacies that drive the flagship projects of the MAP,” Du-Baladad said.
However, MAP said the gap between the rich and the poor is very wide as more than half of the population is considered as low income class and living in the poverty line and below.
“This is a heavy burden that the government has to address with urgency,” Du-Baladad said.
MAP urged the government to continue taking steps to further narrow the income disparity and ensure that economic gains redound to a more equitable distribution of wealth across the board.
Sergio Ortiz-Luis, president of the Philippine Exporters Confederation Inc. and George Barcelon, president of the Philippine Chamber of Commerce and Industry (PCCI) concur with the President’s focus on social development like education, cheaper medicines, employment generation among others which they say will help shape the economy.
Barcelon said PCCI welcomes Marcos’ tougher stance against smugglers and hoarders especially of agriculture products.
He said Marcos’ special focus on water supply and climate change is very timely as the Philippines faces El Niño. This, he said, will be beneficial to agriculture and eventually in addressing inflation.
Ortiz-Luis said Marcos’ call to adopt digitalization in part addresses ease of doing business especially in government offices.
The European Chamber of Commerce of the Philippines (ECCP) for its part said it is highly encouraged by the President’s emphasis on key economic priorities, namely the easing of inflation, increasing of production, promoting industry development, accelerating infrastructure development, advancing human capital development, boosting job generation, and ensuring social protection.
The ECCP in a statement said it greatly welcomed the recognition of critical areas such as investments toward hard and soft infrastructure, the enabling of a sound business and economic landscape in the country, and the continued promotion of structural reforms that aim to sustain and shore up investor confidence in the Philippines.
The Makati Business Club (MBC) in a statement expressed support to the Marcos administration’s push for reforms in the power and water industries and its plans to maintain or accelerate infrastructure investment.
“These reforms are critical to increase the investment needed to create more jobs and better lives for all Filipinos,” said Francisco Alcuaz Jr., MBC executive director.
