Continuity amid discontent

Netizens turned to social media to air outbursts after the Marcos Jr. Administration kept his economic team unscathed from the recent cabinet shakeup.

In Meta, netizen ‘Buddy Boi Delz’ hit the economic team as most Filipinos are feeling the brunt of ‘poor economic managers’, the reason why citizens are suffering from high prices of commodities.

“The other member of the economic team is pushing for a new tax regime amid the high prices of food and other goods, as well as transportation fares, among others. Corruption in the government is very apparent. Is it the kind of government that listens to the grievances of Filipinos?” he said in a comment in DAILY TRIBUNE’s post on Meta.

Finance Secretary Ralph Recto, a member of the economic team, whose courtesy resignation was turned down by the President, earlier announced plans to spike the rates for capital gains, donor, and estate taxes to 10 percent from the present six percent, with the assurance that it will not affect the masses.

Aside from this, Recto was lambasted by several groups for ordering the transfer of nearly P90 billion in excess funds of Philhealth to the National Treasury, compromising millions of its members who are counting on the Philhealth subsidy during hospitalization.

The Meta commenter also hit the high prices of commodities, amid the government’s bragging that the Philippine economy is improving, with the inflation rate cooling down for the third straight month to 1.4 percent in April, keeping the consumer price index below the government’s target range of 2 to 4 percent.

To date, the price of pork in wet markets remains in the range of P420 per kilo, still higher than the maximum suggested retail price (MSRP) of P380 imposed by the Department of Agriculture.

The MSRP was already scrapped by the DA, as most pork sellers cannot endure the high prices of pork meat being delivered to them.

On the other hand, prices of rice remain in the bracket of P54 per kilo, though the Department of Agriculture rolled out P20 per kilo of rice at KADIWA Stores, only meant for the members of vulnerable sectors, including indigents, senior citizens, persons with disabilities, and solo parents.

In his reinstatement as Finance Secretary, Recto said: This is not just a nod of confidence, but a clear instruction to raise our game. We’ll recalibrate our strategies at the DOF to make sure every Filipino family feels the gains of economic progress.”

The problem is big

Meanwhile, during his interview with the DAILY TRIBUNE’s digital show Usapang OFW, Professor Dennis Coronacion, head of the University of Sto. Tomas-Department of Political Science, admitted that the country’s economy is problematic.

Coronacion, who was interviewed on Thursday or before the pronouncement of the first tranche of cabinet shakeup, hinted that the economic team will be hit by the revamp.

“Malaki ang problema natin sa ekonomiya, such as inflation, unemployment. I think these will hit the economic team. We are negative, and if there are casualties here, I think it should be the economic managers of the President,” Coronacion said.

But if there’s one person from the economic managers to be spared, Coronacion said it’s Budget Secretary Amenah Pangandaman, who was criticized by Vice President Sara Duterte last year for her alleged mishandling of the 2024 General Appropriations Act.

Vice President Duterte, who is facing an Impeachment trial at the Senate, revealed that the 2024 GAA was one of the reasons why she stepped down as Education Department Secretary, claiming that she tried to correct it, but other government agencies did not support her move.

Coronacion also said that upon learning that there were various problems in the Department of Agriculture, he said Secretary Francisco Tiu Laurel Jr. might be on the brink of being sacked by the President.

The UST professor, on the other hand, provided a leeway for Information and Communications Secretary Henry Aguda, and Transportation Secretary Vince Dizon as they just assumed post earlier this year.

Coronacion also said Public Works and Highways should be replaced amid the country's sluggish infrastructure projects, particularly the collapse of the Cabagan-Santa Maria Bridge in Isabela last March.

Other members of the economic team, Department of Economy, Planning, and Development Secretary Arsenio Balisacan, thanked the President for his continued trust and confidence.

“The DEPDev, together with members of the Economic Team, will steer the economy to a prosperous, inclusive, and resilient future where every Filipino benefits from our nation's progress,” said Balisacan as his reaction to his retention.

For her part, Trade Secretary Roque thanked Marcos Jr for his continued trust and for empowering her to further contribute to our country's progress.