A widespread corruption scandal looms just as the Philippines prepares to host a big event—Association of Southeast Asian Nations (ASEAN) Summit—under President Marcos' leadership.

ASEAN Business Advisory Council Philippines chair and incoming ASEAN BAC chair Joey Concepcion III expressed this concern on Tuesday, Oct. 21, calling that the massive corruption scandal "a big setback."

"It reflects so poorly on the Philippines,” he said in his speech during the 51st Philippine Business Conference & Expo (PBCE).

He stressed that while the private sector plays a huge role in economic growth, they cannot do it alone.

Like the government, the private sector delegation is also preparing for the country's chairship of the ASEAN next year, he added.

“I know that the private sector plays a huge role in economic growth but it is also important that our legislators understand that we cannot do this alone,” he said.

Concepcion pointed out that ASEAN 2026 will be the biggest event of its scale under President Marcos' presidency.

"As we host the ASEAN in 2026, we have to project that the Philippines has a great future," he said. "We have to project that this country is an honest country. That we do not steal from [our] people."

At the same time, he thanked government agencies like the Department of Trade and Industry (DTI) and the Office of the First Lady, which support efforts to help the country’s micro, small, and medium enterprises (MSMEs) through collaborations with Go Negosyo, the non-profit he founded in 2005 to advocate for the country’s small entrepreneurs.

Concepcion also thanked the Philippine Chamber of Commerce and Industry (PCCI), whose members regularly volunteer to become mentors to MSMEs through Go Negosyo’s public entrepreneurship mentoring events throughout the country.

MSMEs will be a priority agenda for the ASEAN-BAC chairship, along with agriculture and food security, creative industry, digital technologies, and human capital, specifically the economic empowerment of women and the youth.

“If we want this country to be more inclusive, it cannot be just [the few] who are enjoying prosperity … The key is to bring about greater prosperity for every Filipino,” he said.