President-elect Ferdinand “Bongbong” Marcos Jr. has plucked from previous administrations and private sector experts that would form an economic team that will face a ballooning debt, rising inflation pushed by higher oil prices and a looming food crisis.
Marcos yesterday named his incoming finance, trade and public works secretaries along with the new Bangko Sentral ng Pilipinas (BSP) governor who along with other economic managers will be taking a critical job over the next six years as the government faces fiscal woes brought by the pandemic and other economic woes.
Marcos, in an interview with select media networks, said he nominated BSP Governor Benjamin Diokno as secretary of the Department of Finance (DOF), Management Association of the Philippines president Alfredo Pascual as secretary of the Department of Trade and Industry, and San Miguel Corp. Tollways chief executive officer Manuel Bonoan as secretary of the Department of Public Works and Highways (DPWH).
Marcos said he also named Monetary Board member Felipe Medalla as BSP governor who would assume the remainder of the term of Diokno until July 2023.
Earlier, Marcos named Philippine Competition Authority chairman Arsenio Balisacan as socio-economic planning secretary and director-general of the National Economic and Development Authority (NEDA).
Balisacan, Diokno, Pascual and Medalla have accepted the appointments.
Emphasizing the importance of policy continuity, Diokno said in a statement: “Prior to the pandemic, the Philippines was poised to transition into an upper-middle-income economy, thanks largely to sound economic policies put in place over decades by multiple administrations. As the country transitions to the next administration, it is my view that continuity of sound macro and fiscal policies is important to achieve the stronger post-COVID Philippine economy that we all aim for.
“As finance secretary, I will strive to continue prudently and carefully balancing the need to support economic growth, on one hand, and to maintain fiscal discipline, on the other,” he added.
Diokno prior to joining the BSP served as budget secretary from 2016 to 2019 under the current Duterte administration, and from 1998 to 2001 under the Estrada government. He also previously served as undersecretary of DBM, as well as chairman of the Philippine National Oil Company, and chairman of the Local Water Utilities Administration.
Balisacan, the first chairperson of the PCC which he has been leading for over six years, has also previously served as head of NEDA in 2012 to 2016.
“In returning to a post I have previously held, we rely on experience and judicious reckoning of socioeconomic issues to build stronger foundations for a more robust, more inclusive and more resilient Philippine economy,” Balisacan said in a statement over the weekend.
He added:
“ In fulfilling this new role, I look forward to working with the economic team and the private sector to bring back the country to its pre-pandemic high-growth trajectory, deliver rapid poverty reduction and reduce socioeconomic inequality.
Pascual was with the Asian Development Bank for 19 years and served as president of the University of the Philippines.
Bonoan, whom Marcos is confident “will do a good job,” is an engineer who previously served as undersecretary of the DPWH.
Medalla who was planning secretary and NEDA director-general t from 1998 to 2001, was also a former dean and professor at the UP School of Economics.
Upcoming appointments
Marcos said he is still going over other potential appointees for other Cabinet and government positions adding there are many applicants for instance for the positions of heads of the Bureau of Customs and Bureau of Internal Revenue.
Marcos said another position that he is set to fill up soon is the secretary of the Department of Information and Communication Technology .
Agriculture Secretary William Dar has openly offered his services to the incoming administration but no announcement has been made if he will retain his post.
Reports said House Committee on Energy chairman Juan Miguel Arroyo and Energy Regulatory Commission chair Agnes Devanadera are frontrunners as secretary of the Department of Energy (DOE).
Arroyo’s name was included in a leaked list of alleged personalities being considered for Cabinet posts in the incoming administration while Devanadera was reportedly endorsed by Sen. Imee Marcos.
Support to the team
The Makati Business Club and the Philippine Chamber of Commerce and Industry (PCCI) in separate statements welcomed Marcos’ announcement on the appointments of Medalla, Diokno, Pascual, Balisacan.
“The appointment of these experienced, well-known leaders should boost the confidence of local and foreign businesses, from MSMEs (micro, small and medium enterprises) to big players, that the new administration will promote liberalizing but inclusive policies that will accelerate job creation, competition, and economic recovery,” MBC said in a statement.
“As the first economic czar who has headed the two other big economic agencies — DBM and BSP — Governor Diokno will have rare insight on how the government and private sector work together to boost jobs and growth,” it added.
PCCI President George Barcelon said the economic team “would do good in managing our fiscal affairs” as he expressed optmism their appointment would bring confidence to local and foreign businesses.
In a text message to reporters, DTI Secretary Ramon Lopez cited Pascual’s competence, integrity, energy and a wide range of experience in different industries.
Presidential Adviser for Entrepreneurship Joey Concepcion Pascual’s appointment ensures there will be continuity in programs and policies that help and support MSMEs in the country .
Concepcion said Pascual’s past works and his passion for MSMEs will help him become an excellent DTI chief, especially when it comes to small businesses.
Concepcion also thanked outgoing DTI Secretary Mon Lopez for his excellent job in heading the agency in the past almost six years.
Albay Rep. Joey Salceda said Diokno “is, by far, the strongest appointment president-elect BBM has made.”
“He is well respected internationally, and has the gravitas and experience necessary to steer the country’s finances through the headwinds it is facing,” said Salceda, adding he has to talked to Diokmo “about my own proposal for a phased fiscal stabilization program.”
Salceda said Pascual’s well-demonstrated foresight will be key to leading the DTI” and that he wished to engage him more closely in industrial planning in relation to the Corporate Recovery and Tax Incentives for Enterprises Law.”
(J. Montemayor, A Celis, I. Isip, J. Macapagal and W. Vigilia)
