Business leaders see better economic prospects under Leni-Kiko

By Ibarra C. Mateo 

Less than a fortnight to the May 9 elections, leading financial and banking executives and top economists in the Philippines have projected a rosy business climate and encouraging economic growth under a Robredo administration. 

Former presidents of the Financial Executives Institute of the Philippines (FINEX) have issued a joint statement in mid-March declaring “We Choose Not To Be Silent.” 

The joint statement of the 16 former FINEX presidents said: “Financial executives serve as the conscience of their respective organizations. As Filipinos, we believe it is our duty to speak up.” 

They enumerated national issues of concern that impact on the business sector: the perceived lack of transparency in the award of government assets and contracts to allied parties; the ballooning of the national debt; the unmitigated unemployment rate; delayed access to critical social and health services; the appointment of certain individuals to critical positions at the Commission on Elections, the Supreme Court, and the Commission on Audit; the compromise of our sovereignty by the defeatist attitude and non-enforcement of the Philippines’ rights to its exclusive economic zone; as well as the proliferation of disinformation and fake news that twist facts and glorify an infamous chapter of our history, alluding to the martial law era. 

Acknowledging that these issues have negatively affected the Philippines’ growth potential, the FINEX leaders said they are endorsing the tandem of Vice President Leni Robredo and Sen. Francis “Kiko” Pangilinan. 

“We see in them what we expect of ourselves as finance professionals: to uphold high integrity; to stand for truth and probity; to maintain transparency and stewardship; to demonstrate utmost competence; and to drive and achieve excellence,” the joint statement said. 

The 16 signatories are: (1981), Santiago F. Dumlao, Jr. (1989), Edwin V. FernanArsenio M. Bartolome III dez (1991), Dennis D. Decena (1994), Victor Y. Lim, Jr. (1995), Baltazar N. Endriga (1997), Edwin B. Villanueva (1998), Josue A. Camba, Jr. (1999), Edgardo L. Limon (2003), Franklin F. Ysaac (2004), Abelardo V. Cortez (2007), Roberto T. Borromeo (2009), Ronnie B. Alcantara (2011), Ramon G. Opulencia (2012), Judith V. Lopez (2013), and Jose Jerome R. Pascual III (2020). 

Meanwhile, last April 21, Diwa Guinigundo, former Bangko Sentral ng Pilipinas Deputy Governor of the Monetary Stability Sector, said Robredo “will inspire market confidence” and “attract investors who will be lured that an economist is at the helm.” 

“They will see her as both fair to labor, capital, and consumers,” Guinigundo said. 

Saying that Robredo has the important “seal of good housekeeping,” Guinigundo said Robredo is “a stark contrast to her rival, Ferdinand ‘Bongbong’ Marcos, who has tax delinquency and plunder charges hanging over his head.” 

“The vice president’s anti-corruption stance will assure taxpayers that what they pay will not be stolen or wasted,” he said. 

The former BSP official’s endorsement of Robredo came on the heels of the support to the vice president of about 500 former officials and employees of the National Economic and Development Authority (NEDA) and its attached agencies, namely, the Commission on Population and Development (POPCOM), National Statistical Coordination Board (NSCB), Philippine Institute for Development Studies (PIDS), and Philippine Statistical Authority (PSA), formerly National Statistics Office (NSO).. 

Citing Robredo’s “inclusive” and “clear platform” on social and economic issues, the former NEDA officials and employees said through the March 2 joint statement they “believe that VP Robredo is the only candidate with a clear platform for inclusive and empowered citizenry to reduce poverty, improve access to and effective delivery of services, transparent public financial management and good governance.” 

The joint statement described the former NEDA officials and employees as “advocates of inclusive and resilient development.” 

Lauding Robredo’s “honest, decent, and competent leadership,” they said ‘her grassroots advocacies, transparent governance, and efficient response to the pandemic, profile a courageous, and compassionate leader that Filipinos deserve.” 

Earlier, on Feb. 11, 137 Filipino economists, including five ex-NEDA chiefs, threw their collective weight behind Robredo’s presidential bid. 

The five former NEDA secretary generals are: Cielito Habito, Emmanuel Esguerra, Dante B. Canlas, Ernesto M. Pernia, and Solita Collas-Monsod. Former BSP Deputy Governor Guinigundo also signed this joint statement. 

“At this time when our country is struggling to recover from its deepest economic crisis since the 1980s, we believe that government’s role has never been more indispensable,” the statement said. 

“We are convinced that only a competent leadership can restore the people’s trust and confidence in government enabling it to effectively preside over the collective effort of economic recovery in the wake of the pandemic,” it added.

 “We share the hope of a majority of our people for an economic recovery that does not merely reproduce the inequities in our pre-pandemic society but eradicates their sources and expands economic and social opportunities for all in a level playing field,” it said. 

The statement of support to the opposition standard-bearer labelled Robredo as the “best hope” for Filipinos to trust their government again because she offers “a solid economics and legal background” that could revitalize the country’s economic recovery, which was affected by the COVID-19 pandemic. 

“Bad governance is a poison that kills both lives and livelihoods. The pandemic made that clear. Robredo’s brand of good governance is the antidote this country needs in order to build back better from the twin crises plaguing our health and economy exacting a huge toll on the different sectors of the country,” the statement said. 

Before the spate of endorsement in support of Robredo by these leading Philippine groups, institutions, and senior officials, the Nomura Global Research said on Jan. 4 that a Robredo administration will be more “market-friendly” than a Ferdinand R. Marcos, Jr. presidency. 

The report, titled “Philippines: No holiday cheer” written by Nomura’s chief ASEAN economist Euben Paracuelles and analysts Rangga Cipta, Craig Chan, and Wee Choon Teo, said “ (Mr.) Marcos Jr., in our view, will likely be regarded as less market-friendly than (Vice President Robredo), particularly when it comes to experience at the national level and in articulating a strategy for the country to recover from the pandemic.” 

The report said “Robredo is likely seen as more qualified to oversee a post-pandemic recovery as the incumbent vice-president, as well as her platform of implementing a strategic roadmap that focuses on key sectors such as healthcare and education.” 

The Robredo-Pangilinan tandem was given by Nomura the perfect score of five for national experience and business friendliness. 

The tandem received a score of four for continuity/ good governance, infrastructure progress, and fiscal discipline. 

For the Marcos-Sara Duterte-Carpio tandem, Nomura gave a score of four out of five for infrastructure progress, and a score of three for fiscal discipline and continuity/good governance. For national experience and business friendliness, they were given a score of two and one, respectively. 

“A Marcos victory will likely be viewed negatively owing to perceptions against him, in part because his candidacy is facing some petitions for disqualification on grounds of making false statements and a previous conviction of failing to file income