MALACANANG on Tuesday acknowledged growing frustration from some quarters of the business community over controversies tied to alleged irregularities in flood control projects, but maintained that President Ferdinand Marcos Jr. will not intervene in ongoing investigations despite their economic impact.
Meanwhile, major business groups and government agencies expressed strong support for the appointments of Executive Secretary Ralph Recto and Finance Secretary Frederick Go, calling the transition timely for strengthening policy coherence, investor confidence, and economic momentum.
In a Palace briefing, Presidential Communications Office (PCO) Undersecretary Claire Castro responded to comments from business leader Sergio Ortiz-Luis Jr., who said the disputes and allegations surrounding the projects were already disrupting business operations.
Castro said the administration understands the traders’ concerns, but noted that calls to make hearings of the Independent Commission for Infrastructure (ICI) public could also prolong daily political flare-ups.
“The noise affects the economy, but when hearings are made public, the issues surface every day. These issues affect the economy. If you stop making the hearings public, others will say the government is hiding something,” Castro said.
She stressed that Marcos “will not block any hearing” and will allow investigations to move forward, adding that accountability should prevail regardless of political discomfort.
The PCO official also appealed to outspoken critics, urging them to consider the broader economic consequences of constant public disputes.
“These noises that have no substance are affecting our economy,” Castro warned.
Responding to concerns about investor confidence, she said the administration’s anti-corruption stance should reassure the business sector.
“President Marcos will not be deterred in pursuing anyone behind corrupt acts, whether relatives, allies, or even one’s own kin,” Castro said.
“If you are an investor, you would want a leader who fights corruption. Investors should have more trust under President Marcos Jr. because he wants a clean government,” she added.
The Philippine Chamber of Commerce and Industry (PCCI) said the appointments came at a “critical time,” citing Recto’s extensive legislative experience and Go’s strong background in business and investment promotion.
For its part, the Federation of Philippine Industries (FPI) described the shifts in the economic team as “key to restoring confidence and stability,” voicing full support for both Recto and Go.
The Information Technology and Business Process Association of the Philippines (IBPAP) likewise congratulated Go, citing close collaboration with him during his tenure as Special Assistant to the President.
The Philippine Industrial Estates Association, Inc. (PHILEA) also hailed Go’s appointment, saying the development was a “significant boost” to the investment climate.
“We commend President Marcos for these key selections. The business community looks forward to working closely with both leaders in advancing reforms that enhance competitiveness, strengthen investor confidence, and generate sustainable opportunities for Filipino enterprises,” said PCCI president Enunina Mangio.
The PCCI said it remains committed to supporting a “more resilient, transparent, and dynamic” economic environment.
“Secretary Recto’s proven track record in fiscal management will strengthen coherence across government policies. Secretary Go’s extensive experience in investment promotion positions him well to sustain momentum in fiscal stewardship and investor confidence,” FPI chairperson Beth Lee said.
“We hold Secretary Go in high regard,” IBPAP said, praising his “steady guidance and unwavering support” for the IT-BPM sector, particularly in ensuring that the CREATE MORE Law contained clear provisions on incentive availment at both national and local levels.
With CREATE MORE now in place, IBPAP said the industry expects improved implementation, streamlined processes, and consistent policy interpretation—enhancing the sector’s global competitiveness. These improvements, it added, continue to strengthen the Philippines’ appeal to global investors.
PHILEA said Go’s combined experience in government and the private sector reinforces investor confidence in his ability to drive fiscal stability and growth-oriented reforms.
“His commitment to enhancing competitiveness aligns closely with PHILEA’s mission of attracting long-term, high-quality investments,” said PHILEA president Francisco Zaldarriaga, adding it is ready to work with the Finance chief in strengthening economic zones and advancing the Philippines as a premier investment destination.
