Bankers and exporters on Friday welcomed the composition of the economic team announced by the incoming administration of President-elect Ferdinand Marcos Jr.
The Bankers Association of the Philippines said it welcomes the nomination of Bangko Sentral ng Pilipinas Governor Benjamin Diokno as the incoming Finance secretary and BSP Monetary Board Member Felipe Medalla as the new governor of the BSP.
“Drs. Diokno and Medalla are notable economists who have the scholastic distinction and extensive experience that transcend different administrations, making them the best candidates for these roles,” BAP president Antonio Moncupa Jr. said.
Prior to their roles in the BSP, Diokno was secretary of the Department of Budget and Management under President Rodrigo Duterte and former President Joseph Estrada, while Medalla served as director-general of the National Economic and Development Authority under the Estrada administration.
“Their experiences as economic managers in past administrations are valuable assets as the Philippines makes its way towards economic and post-pandemic recovery,” the BAP said.
“We are confident that under their stewardship, the country will be able to successfully navigate the various fiscal and economic challenges incumbent upon us,” Moncupa said.
Meanwhile, exporters said the new appointees have the expertise and competence needed to steer the country toward recovery amid unprecedented economic and fiscal challenges.
Philippine Exporters Confederation Inc. president Sergio Ortiz-Luis Jr. said the organization is “happy with the appointment of the economic cluster, as the impressive credentials and track records of the team members are expected to help the country sustain the respect and credibility in the local and international community.”
Ortiz-Luis said PhilExport worked with most of the economic managers on its past advocacies centered on export promotion and support for exporters and micro, small and medium enterprises.
He said the trade association looks forward to stronger dialog and collaboration with the incoming economic cluster on addressing the many issues faced by MSMEs and exporters, who have been the worst hit by the ongoing pandemic, inflation, rising fuel prices, geopolitics and trade disruptions.
He said the transition at the Department of Finance is expected to be smooth in the case of Diokno who he has been working with Duterte’s economic managers, while Medalla as the incoming BSP head is currently in the Monetary Board.
“The same is true for former Socioeconomic Planning Secretary Arsenio Balisacan and also the first chairman of the Philippine Competition Commission institutionalized during the Duterte administration,” said Ortiz-Luis.
Ortiz-Luis said Alfredo Pascual is bringing in both academe and business background as he takes on the leadership role at the Department of Trade and Industry.
Other very crucial seats in the economic development cluster remain vacant, including those of the agriculture, energy, transportation, tourism, science and technology and budget secretaries.
Ortiz-Luis Jr. said he hopes the new administration will give priority to urgent issues confronting the export and MSME community, including facilitating the ease and lowering the cost of doing business, implementation of and updating of the Philippine Export Development Plan, MSME Development Plan and the Strategic Investments Priorities Plan, and the ratification of the Regional Comprehensive Economic Partnership for increased market access.