Business groups on Tuesday welcomed the election of a new government led by Davao City Mayor Rodrigo Duterte, saying they are ready to support his administration in ensuring sustainable growth.
The Makati Business Club said in a statement it was “ready to be an active and participative partner of government in ensuring sustainable and inclusive growth that benefits not just a select few but all Filipinos.”
“We call on all Filipinos to come together, to support our new leaders. Let us focus on those aspirations that unite us, rather than on the issues that divide us. After all, despite our divisions, we all aspire for the common goal of authentic freedom and inclusive development,” MBC said.
It said members were looking forward to the continuation of the public-private partnership program under the Duterte administration.
“To continue the momentum, one key component may be to continue, sustain and maybe speed up the PPP roll-out rather than review everything all over again especially since our PPP has been recognized globally as best practice,” MBC executive director Peter Angelo Perfecto said.
The Philippine Chamber of Commerce and Industry also acknowledged the conduct of clean, honest and credible elections and the clear mandate received by Duterte. PCCI also welcomed the plan of Duterte to appoint former agriculture secretary Sonny Dominguez and press secretary Jess Dureza to his Cabinet.
“With brothers Paul and Sonny Dominguez joining his team as well as Jess Dureza, they can draft a plan to gain the confidence of the Filipino people. They are all seasoned businessmen,” said PCCI president George Barcelon.
Barcelon cited the importance of Duterte building his team in the next six months not only to start initiating developmental programs but ultimately to get a vote of confidence from his constituency.
Meanwhile, Fitch Ratings said the outcome of the Philippines election was not expected to have any immediate impact on the rating or outlook. Fitch gave the Philippines a rating of ‘BBB-’ with a positive outlook in April
“When the rating agency affirmed the rating at ‘BBB-‘ with a positive outlook in April, the agency had pointed out that it would wait and see whether the improvement in governance standards achieved under the administration of Aquino III can be sustained after the 2016 elections, in line with its rating sensitivities,” said Fitch Ratings associte director Sagarika Chandra.
“If that were to occur it could be positive for ratings. Fitch will monitor further developments closely. Fitch however continues to view Philippines’ underlying economic fundamentals as a strength, given its strong net external creditor position, declining general government debt and deficit levels, and positive growth momentum and these were key factors that drove the agency to reaffirm the rating at ‘BBB-‘ with a positive outlook, in April this year,” Chandra said.
“We have already laid out the key issues we’re keen about. We have the macroeconomic potential to continue the growth trajectory. It is now up to the next administration if they want to continue the momentum of growth. But we hope that this new government will address the concerns of the business sector,” he said. With Julito G. Rada