PCCI optimistic Cabinet shake-up will boost economic stability, investor confidence

Following the recent shake-up in the Cabinet of President Ferdinand Marcos Jr., the country’s biggest business organization, the Philippine Chamber of Commerce and Industry (PCCI), said it remains optimistic that the reshuffle in key government positions will help promote economic stability and growth amid serious allegations of massive corruption involving government officials.

In a statement on Wednesday, PCCI President Euninina V. Mangio said the group welcomes the appointment of Finance Secretary Ralph Recto as the new Executive Secretary and Secretary Frederick Go as the new Finance Chief.

“We commend President Marcos for these key selections, which come at a critical time for our economy. Executive Secretary Recto brings a wealth of legislative and policy expertise, while Secretary Go’s strong background in business and investment promotion will be valuable in steering fiscal policy and driving economic growth,” according to Mangio.

She stressed that the business community is hopeful that the changes in the Cabinet will lead to renewed public trust, economic stability, and generate investors’ interest.

“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,” she added.

The PCCI president said that Recto’s proven track record in fiscal management and Go’s experience in investment promotion are encouraging signals for both domestic and foreign investors, adding that PCCI has maintained a good working relationship with Go, particularly on investment promotion and policy.

“We urge our government to swiftly address this political instability and hold those involved in corruption accountable. This is one way of restoring investors’ trust and confidence in us (Philippines),” the PCCI chief said.

Moreover, the PCCI vowed to continue supporting the government in building a more resilient, transparent, and dynamic economic environment for all.