Economic managers vowed full support behind the private sector, as the Department of Finance (DOF) asked investors to trust President Ferdinand R. Marcos Jr.’s government.
“As the President said yesterday , the sate of the economy is sound. So, my advice to the private sector is trust your government. We’re behind you,” said Finance Secretary Benjamin E. Diokno at the Post-State of the Nation Address (SONA) Economic Briefing on Tuesday, July 26. Diokno noted that the private sector, which contributes around 80 percent to the economy, is welcome to invest under the new administration.
In particular, Diokno said private enterprises can participant in the “enhanced” public-private partnership (PPP) program anchored on President Marcos’ massive infrastructure projects that mostly inherited from the Duterte administration.
“You're welcome. It's fairly open. Whatever comes to your imagination, you can come in,” Diokno said during their first economic briefing attended by top business executives. “We will just provide the environment for the private sector to thrive.”
Socioeconomic Planning Secretary Arsenio M. Balisacan said the Marcos administration would “restrengthen” the PPP scheme to help revive the economy dampened by the prolonged pandemic.
Part of President Marcos’ strategy is to reach out to business community to help in getting the economy growing at 6.5 percent to 8.0 percent, Balisancan said.
Moreover, Diokno said investors may venture in areas where government’s railway projects are being constructed to entice greater economic activity in localities.
An example given by the finance chief was the Philippine National Railways’ (PNR) North-South Commuter Railway (NSCR) project that aims to revive the Luzon line system between La Union and Legazpi City in Albay.
Diokno also cited the potential benefits for the private sector once the 20-kilometer Metro Manila Subway has been completed.
“There's a lot of possibilities the private sector is welcome to participate in this economic boom for the Philippines,” the DOF said.
Likewise, Diokno lured investors to consider local investments following the implementation of the Mandanas-Garcia ruling that raised local government units’ shares from national tax collections.
“There are more resources given to the local governments, you can even invest in in local activities,” Diokno said.
He also said that private investments would reap the benefits from former President Duterte’s slew of economic liberalization reforms, such as amendments to the Public Service Act that allows full foreign ownership of telecommunications, railways, airlines, and logistical facilities.