Three years ago, President Ferdinand Marcos Jr. took the helm of the country as the world continued to grapple with the Covid-19 pandemic and economies, including the Philippines, strove for recovery after crippling lockdowns.

Governments worldwide faced the delicate task of balancing public health protection with the need to reignite economic activity. This meant encouraging people to return to work, resume spending, and invest to set national economies on the path to recovery.

Now, halfway through his six-year term, President Marcos and his economic team boast one of the fastest-growing economies in the region. This achievement comes even as some sectors are still recovering from the pandemic’s impact, and others continue to adapt to shifts in consumer behavior and preferences.

In this business environment, some of the country’s top tycoons and conglomerates share their experiences from the past three years under President Marcos’ leadership.

“President Marcos Jr. took office at a time of great global and domestic uncertainty—from the lingering effects of the pandemic to geopolitical and economic volatility,” noted Manuel V. Pangilinan, chairman of telecommunications giant PLDT Inc.

When Marcos took office in June 2022, the economy was in a recovery phase and faced rising inflation, largely due to global factors, along with high public debt incurred during the pandemic response. While the job market was improving, the Philippine peso was depreciating against the United States (US) dollar.

The Marcos administration immediately focused on fiscal sustainability and attracting investments.

To the President’s credit, Pangilinan said he has brought a sense of stability and continuity to government, and his emphasis on infrastructure, agriculture, and digitalization aligns with many of the long-term priorities “we in the private sector also deem essential.”

Pangilinan also credited Marcos’ openness to public-private collaboration.

“During my many interactions with him, I’ve found the President to be a thoughtful and curious leader. He asks the right questions; he’s familiar with the issues; and he’s very solutions-oriented. That’s been quite reassuring for me, as an entrepreneur—and I imagine many of those in my line of work feel the same,” Pangilinan said.

Apart from PLDT, Pangilinan heads the power generator and distributor Manila Electric Co. (Meralco), along with conglomerate Metro Pacific Investments Corp. (MPIC), which holds investments in tollways, healthcare, power, water supply and distribution, and agriculture.

Meanwhile, Ramon S. Ang, chairman and chief executive officer (CEO) of San Miguel Corp. (SMC), stated, “The economy has shown steady growth over the past three years under the Marcos administration, recovering from the pandemic and staying ahead of many others in the region.”

Ang added, “Several important reforms and infrastructure projects have moved forward, despite difficult conditions.”

During President Marcos’ term, the economy, as measured by the country’s gross domestic product (GDP), grew at an average annual rate of 6.6 percent. However, the President’s economic team trimmed its growth target for this year last week to between 5.5 and 6.5 percent, from the previous band of six to eight percent.

Ang noted that global uncertainties, including developments in the Middle East, continue to pose risks.

“It’s essential that both government and business work together to stay prepared. San Miguel remains focused on doing its part. We are channeling resources into projects that generate jobs, support industry, and bring long-term benefits to more Filipinos,” he said.

While the business community has generally been satisfied with the administration during the first half of its term, Pangilinan admitted that “There is still much work to be done—for both the public and private sectors—particularly in lifting more Filipinos out of poverty. And I know this is one of the President’s main priorities.”

As President Marcos enters the second half of his term, the business community affirmed its commitment to continued and deepening partnership with his administration.

“The President has been a great ally of businesses, and we’re hopeful that this productive relationship between government and business will only deepen during the second half of his presidency,” Pangilinan said.

For Kevin L. Tan, president and CEO of Alliance Global Group Inc., the Marcos administration has been “nothing short of transformative.”

The President has been “delivering meaningful and lasting impact on the lives of Filipinos during the past three years,” Tan observed, underscoring the resilient and sustained economic growth the nation has enjoyed under his leadership, even amid persistent global challenges. Alliance Global is a conglomerate that controls Megaworld Corp., Emperador Inc., and Travellers International Hotel Group Inc.

With these stakes in the nation’s progress, Tan said, “We continue to support the government’s revitalized agenda of advancing tourism, modernizing infrastructure, and fostering inclusive economic progress.” He further emphasized the government and his companies’ collective mission to “help build a stronger, more prosperous nation for every Filipino.”

Lastly, Frederic C. DyBuncio, president and CEO of the Sy-led SM Investments Corp. (SMIC), said that the past three years have been a period of consistent and sustainable growth.

DyBuncio explained that the SM Group’s strong performance was “anchored on the synergy of our core businesses and the strength of the Philippine consumer-driven economy.”

DyBuncio highlighted their 2024 results, where the conglomerate posted ₱82.6 billion in consolidated net income, a seven-percent increase from 2023, on a massive ₱654.8 billion in revenues.

But for DyBuncio, the story extended far beyond just the financial figures. He said that this strong showing truly “reflects our broader purpose of helping enable a thriving today and tomorrow—for our customers, business partners, the environment, and the communities we proudly serve.” It was a testament, he implied, to SM’s deep commitment to the nation’s overall well-being.