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Next admin needs experienced cabinet to face econ problems: business groups

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Residents buy basic goods at Hunter Market, a wet market on Kaliraya Street, near Araneta Avenue in Tatalon Quezon City on April 08, 2022, Jonathan Cellona, ABS-CBN News" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/news/05/11/20220408-protest-oil-prices-jc-0848.jpg"/><figcaption>Residents buy basic goods at Hunter Market, a wet market on Kaliraya Street, near Araneta Avenue in Tatalon Quezon City on April 08, 2022, Jonathan Cellona, ABS-CBN News</figcaption></figure></div><p>MANILA - Choosing experienced cabinet members for key economic positions will be crucial for the next administration to address challenges such as higher debt and inflation, business groups said Wednesday.</p><p>The Finance, Trade, Agriculture and Labor departments as well as the National Economic and Development Authority need people with &quot;hands on experience&quot; in running those key cabinet posts, Philippine Chamber of Commerce and Industry president George Barcelon told ANC.</p><p>&quot;What we’d like to see, people who are appointed are really competent in the job. If political appointees are appointed in important agencies, that may not bode well,&quot; Barcelon said.</p><p>&quot;Definitely, the importance of economic team is going to be crucial as we know that the problem’s we’re facing, inflation and high debt, is really a pressing matter,&quot; he added.</p><p>President Rodrigo Duterte was &quot;lucky&quot; to have Finance Secretary Carlos Dominguez III at the helm, he said.</p><p>Management Association of the Philippines President Alfredo Pascual, meanwhile said once former Senator Ferdinand &quot;Bongbong&quot; Marcos Jr is proclaimed, he should establish a &quot;cohesive&quot; team.</p><p>&quot;It is important that his team is a cohesive team. Otherwise, if it&#x27;s complete strangers surrounding him it would be a difficult situation for the new president,&quot; Pascual said.</p><div><strong>PRIORITY CONCERNS</strong></div><p>Both groups have outlined issues that should be prioritized by the next administration including debt, inflation, food supply, labor, drugs, education and health problems, among others.</p><p>There should also be continued collaboration between the private and the public sector and the focus on public-private partnerships (PPP) instead of ODA (Official Development Assistance), Pascual said.</p><p>&quot;So I guess the presidency of Mr Marcos will really focus initially on addressing these problems but in the end he had to pay attention to the longer-term of challenges that the country faces in order to achieve sustained growth,&quot; Pascual said.</p><p>Marcos along with his running-mate vice presidential aspirant Sara Duterte-Carpio have dominated the national elections based on partial unofficial results.</p><p>Meanwhile, analysts said some investors remain in “wait and see” mode until Marcos lays down a clearer economic plan.</p><p>&quot;Yung investor community is just, I&#x27;d say still a bit anxious, of course hopeful. But still awaiting further details on the plans, economic plans of Mr. Marcos,…until we get more clarity on that, kasi nga I guess in terms of interviews we didn&#x27;t get much, also sa debates, we just go by what was posted,” ING Philippines senior economist Nicholas Mapa said.</p><p>Meanwhile ATR Asset Management Chief Investment Officer Sandra Araullo said the anxiety stems from not hearing much about what the plan is.</p><p>“Unfortunately there hadn&#x27;t been debates, there hadn&#x27;t been a lot of media interviews granted by the incoming presumptive president. The uncertainty around that is what&#x27;s causing the market to priced in,” Araullo said.</p><div><strong>-- with a report from Jekki Pascual, ABS-CBN News</strong></div><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/11/22/fitch-solutions-sees-policy-continuity-under-marcos-jr">Fitch Solutions sees &#x27;policy continuity&#x27; from Duterte to Marcos presidency</a></li>	<li><a href="https://news.abs-cbn.com/business/05/11/22/jp-morgan-downgrades-ph-citing-myriad-challenges">J.P. Morgan advises clients to sell PH stocks citing &#x27;myriad&#x27; economic challenges</a></li>	<li><a href="https://news.abs-cbn.com/business/05/05/22/inflation-quickens-to-49-pct-in-april">Inflation quickens to 4.9 percent in April</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/kU86AwE6JtM?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div><div><br/> </div>

Choosing experienced cabinet members for key economic positions would be crucial for the next administration to address challenges such as higher debt and inflation.