Business groups welcomed the appointment of new officials to lead the Marcos Jr. administration’s economic team, calling it a critical step toward restoring investor confidence amid the wide-ranging corruption scandal that has weakened business sentiment.

In separate statements on Tuesday, Nov. 18, Federation of Philippine Industries (FPI) and the Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII) expressed support for the leadership changes in the departments of Finance (DOF) and of Budget and Management (DBM).

“These transitions come at a crucial time for policy coherence, fiscal stability, and investor confidence. FPI affirms its support for continuity and coordination across government agencies to sustain economic momentum,” the business group said in a statement penned by its chair, Elizabeth Lee.

“We at the FFCCCII ardently hope, and indeed believe, that under their guidance, we shall see the vigorous pursuit of progressive socio-economic reforms,” FFCCCII, for its part, said.

Malacañang announced on Monday, Nov. 17, that Finance Secretary Ralph G. Recto has been named the new Executive Secretary, with Special Assistant to the President for Investment and Economic Affairs (SAPIEA) Secretary Frederick D. Go replacing Recto as the new DOF chief.

These appointments came after President Ferdinand R. Marcos Jr. accepted the resignations of Executive Secretary Lucas Bersamin and DBM Secretary Amenah F. Pangandaman. DBM Undersecretary Rolando U. Toledo is now serving as the agency’s Officer-in-Charge (OIC).

Both Bersamin and Pangandaman resigned “out of delicadeza” after they were implicated in the flood control scandal and budget insertion allegations, respectively.

FFCCCII, which comprises over 170 business and trade associations, said Recto and Go’s new roles reflect their “distinguished track record of public service” and “profound understanding of the intricate workings of our economy.”

“We extend our most profound and optimistic welcome to these two leaders. Their ascension to these pivotal roles is not merely a change of personnel; it is a powerful affirmation of the nation's commitment to placing its most capable stewards at the helm of our economic destiny,” FFCCCII said.

For FPI, Recto’s track record in fiscal management and governance could help strengthen the Office of the Executive Secretary in ensuring coherence across government policies.

Meanwhile, Go’s extensive experience in investment promotion and economic affairs positions him well to sustain momentum in fiscal stewardship and investor confidence, FPI said.

In a statement, state-run Bases Conversion and Development Authority (BCDA) said Go’s leadership as SAPIEA reflects his strength in translating economic strategy into real gains for Filipinos.

In particular, it cited the new DOF chief’s role in pushing key reforms such as the Accelerated and Reformed Right-of-Way (ARROW) Act and Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.

BCDA said these policies “improved the country’s investment climate, sped up approvals for important projects, widened access to capital, and created conditions for more jobs, stronger industries, and more inclusive economic growth.”

“BCDA looks forward to working closely with Secretary Go to transform idle United States (US) military bases and Metro Manila camps into productive districts that boost national and local economies, empower communities, and expand opportunities for more Filipinos,” it said.

Philippine Economic Zone Authority (PEZA), meanwhile, said both Go and Recto have long been champions of the government’s economic zone (ecozone) program, advocating policies that foster investments, create jobs, and strengthen the country’s competitiveness.

“PEZA looks forward to deepening our collaboration in advancing the ecozone agenda and driving sustainable, innovation-led growth for the Philippines,” it said.

Moreover, FPI also welcomed the appointment of former DOF undersecretary Charlito Martin Mendoza as the new Commissioner of the Bureau of Internal Revenue (BIR), replacing Romeo Lumagui Jr.

FPI said Mendoza’s appointment highlights the administration’s commitment to integrity and transparency at the BIR.

“FPI stands ready to collaborate with the economic team and the BIR under Commissioner Mendoza to advance transparent policy, digitalization, and fair compliance,” the group said.

“These pillars are vital to restoring business confidence, driving enterprise growth, and building a resilient economy. FPI remains committed to constructive engagement that supports inclusive industrial development and strengthens public trust,” it added.