Palace: Economy stable amid corruption controversy

Palace: Economy stable amid corruption controversy | Daily Tribune

The recent departures of Executive Secretary Lucas Bersamin and Budget Secretary Amenah Pangandaman has rattled the Philippine economic sector. Malacañang, however, maintained that the economy remains on solid footing.

“The economy remains fundamentally strong. The foundations are stable. Opportunities for investments are intact. Above all, the government’s commitment to good governance, transparency, and accountability has never been more resolute,” a Palace statement said.

The statement emphasized that the government is “not blind to the challenges, nor are we shaken by them,” noting that Cabinet changes signal reform rather than a leadership crisis.

It added that President Ferdinand Marcos Jr. “chose to be the whistleblower” rather than an apologist for corruption.

“For we understand that trust is the lifeblood of any economy. It keeps investments coming in, businesses expanding, and jobs growing. And this trust is being protected, strengthened, and rebuilt every single day by the Marcos administration,” the statement read.

Malacañang also underscored that accountability and reform remain non-negotiable for long-term economic growth. “We hear you loud and clear. The Filipino people demand accountability and reform, and we answer with decisive action.”

Timely passage of 2026 budget

Despite the reshuffle at the departments of Finance (DoF) and Budget and Management (DBM), Malacañang assured that the national budget for 2026 will be passed on schedule.

“Any reassignments of Cabinet members to DoF and DBM involve the same people who worked on the budget and on finance. So there will be no problem with that,” Palace Press Officer Undersecretary Claire Castro said.

With new Executive Secretary Ralph Recto, the former Finance secretary, now at the helm, Malacañang sees a strengthened role for him in finance and economic matters.

“The Executive Secretary is an economist. So whatever he can help with, he will provide it,” Castro added.

Castro acknowledged that political noise can affect economic sentiment, with some business groups expressing concern over the ongoing corruption issues.

“It is true that these noises are affecting the economy. Other groups are demanding that hearings be made fully public, but making every hearing public can cause chaos. The truth is visible, but the constant clamor turns it into an issue every day,” she said.

She said that President Marcos aims to strike a balance between freedom of expression, transparency and accountability while preventing misinformation from harming the economy.

“The President will do what he has to do. He will not obstruct the hearings, or those who should be held accountable. I hope our countrymen realize that those creating noise without legitimate cause have affected the economy with their useless distractions,” Castro said.