Economic News Names Funny Economic Talk Show Names
PRESIDENT-ELECT Ferdinand "Bongbong" R. Marcos, Jr. on Thursday announced he is tapping Bangko Sentral ng Pilipinas (BSP) Governor Benjamin East. Diokno to exist his Finance secretary when he assumes part on July i.
In a televised briefing, Mr. Marcos said Mr. Diokno will be replaced by Monetary Board member Felipe M. Medalla as governor of the BSP. Mr. Medalla will serve the rest of Mr. Diokno's unexpired term that is scheduled to stop in July 2023.
"The first priority is always going to be the economy. That's why we have been very careful in choosing the economic team. It'south still downwards to jobs, the increasing prices of commodities, some relief for the business concern community. We have to streamline the operations of government," Mr. Marcos said.
Mr. Diokno, who served as Upkeep secretarial assistant from 2016 to 2019, on Thursday said he volition continue the macro and fiscal policies that take helped the Philippine economy recover from the pandemic.
"Every bit Finance Secretary, I will strive to go along prudently and carefully balancing the need to back up economic growth, on one hand, and to maintain fiscal discipline, on the other," he said.
Mr. Diokno and Mr. Medalla were both part of President Joseph E. Estrada'south Chiffonier. Mr. Diokno was also Budget secretary, while Mr. Medalla was the Socioeconomic Planning secretarial assistant and National Economic and Development Authority manager-full general.
They join incoming Socioeconomic Planning chief Arsenio M. Balisacan in the Marcos administration'southward economic team.
Mr. Marcos also named former Academy of the Philippines President Alfredo E. Pascual equally the head of the Department of Trade and Industry (DTI), and SMC Tollways President and Primary Executive Officeholder Manuel M. Bonoan equally the caput of the Department of Public Works and Highways (DPWH).
"He has spent almost his entire professional life in the DPWH," the president-elect said. "I know him very well so I think he will do a proficient job."
Mr. Bonoan served as DPWH undersecretary for operations in the Visayas and Mindanao in 1998.
Mr. Marcos has vowed to continue President Rodrigo R. Duterte's aggressive infrastructure program to drive economic growth.
VOTE OF CONFIDENCE
Mr. Marcos' move to appoint familiar names to his Cabinet was largely welcomed past the markets, business groups and economists. The Philippine Stock Exchange index (PSEi) closed 0.72% up.
Philippine Chamber of Commerce and Industry President George T. Barcelon said the appointment of these "seasoned and competent economic leaders" would boost the confidence of local and foreign businesses.
"We believe they would practise skilful in managing our financial affairs. As you know, we are faced with disquisitional issues such as the huge debt deficit, and the need for post pandemic reforms and programs to sustain recovery, amidst others," Mr. Barcelon said in a statement.
Rizal Commercial Banking Corp. Chief Economist Michael Fifty. Ricafort in a Viber message said the appointees' "wealth of feel" would exist an advantage for the incoming administration's economic squad.
"The appointments volition help ensure greater stability, society, and predictability on the local economic system and financial markets. These appointments likewise assist provide a more conducive environment for business concern and investment activities," he said.
In an eastward-post, Pantheon Chief Emerging Asia Economist Miguel Chanco said it may be "a bit of gamble" to move Mr. Diokno from the BSP at a time of rising inflation and policy normalization.
"(Mr. Diokno volition) definitely bring some welcome brownie in the post of Finance Secretarial assistant, which is much-needed given the Philippines' huge upkeep blowout over the by two years and the urgency to consolidate the country's finances as presently as possible," he said.
The BSP earlier this month raised interest rates for the first time since 2018, as it sought to adjourn intensifying inflationary pressure level. Inflation surged to a three-yr loftier of iv.9% in Apr due to the spike in oil and food prices.
The appointments indicate a continuity in economical policy, Leonardo A. Lanzona, who teaches economics at the Ateneo de Manila University said in a Messenger conversation.
"What we need to practise is to accost the structural weaknesses that were exposed by the pandemic. What we will run across may mostly be a combination of budgetary and fiscal policies intended to pay debts and minimize inflation. This will not exist enough to produce growth," he said.
ING Banking company N.V. Manila Senior Economist Nicholas Antonio T. Mapa said Messrs. Diokno and Medalla are "well aware of the challenges that the land faces, including loftier debt levels, accelerating inflation and rising borrowing costs."
"Next question is who will replace Medalla next twelvemonth as BSP governor for a total six-yr term," he said via east-mail.
Tax RELIEF
Meanwhile, Mr. Marcos said an economic recovery plan should exist put in place before considering the financial consolidation plan of the outgoing Finance Secretary Carlos G. Dominguez Three.
"We accept to have an economic recovery plan (outset) and fiscal policy will follow," he said.
The Finance department on Midweek presented a fiscal consolidation plan for the adjacent administration, which includes imposing new taxes and deferring personal income tax reductions in order to generate more revenues to pay off the state's ballooning debt. As of cease-March, National Government debt stood at a record P12.68 trillion.
Mr. Marcos said they are considering tax relief for sectors virtually affected by the pandemic such as micro, small and medium enterprises (MSME) and the agriculture sector.
"For MSMEs, we tin can reduce (taxation), requite revenue enhancement holiday, tax immunity, we're studying it right now, microfinancing. We want them to come dorsum… We desire to reduce as much of the tax collections from those who are suffering from the pandemic, MSMEs, agri sector, transport," he said.
Mr. Marcos was as well cool to the proposal to immediately suspend the excise tax on fuel products, as the government would demand funds for its projects. Instead, he said he is considering subsidy programs for the send sector.
"In terms of oil excise tax, I retrieve we all the same have to look at that very well. We can back up those areas hit by rising oil prices — number one there was transport," he said.
President Rodrigo R. Duterte's administration rejected calls to suspend the excise tax on fuel, maxim information technology could reduce government revenues by billions. Instead, cash subsidies were given to the ship and agriculture sector. — Kyle Aristophere T. Atienza with inputs from Tobias Jared Tomas
Source: https://www.bworldonline.com/top-stories/2022/05/27/451174/marcos-names-more-economic-managers/
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