Property tycoon Frederick Go, the head of the Marcos administration’s new investment affairs office, will serve as the vital bridge between the government and private sector to make the country a more attractive investment destination, the state’s chief socioeconomic planner said.
“The intent there is that the private sector has so many issues whether domestic or foreign,” Secretary Arsenio Balisacan of the National Economic and Development Authority (Neda) said in an interview with reporters.
“I think the advantage of [Frederick] is he came from the private sector,” he added.
Go resigned as CEO of Robinsons Land Corp. to join President Marcos’ Cabinet as head of the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA).
Based on the executive order that created the new office, Go will give Mr. Marcos “timely, relevant and strategic advice” on matters and issues involving economic concerns and investments.
Economic development group
He will also chair the economic development group, which was previously held jointly by Finance Secretary Benjamin Diokno and Balisacan. Diokno and Baliscan will serve as vice chairpersons of OSAPIEA.
However, some analysts said the creation of Go’s office risked sidelining other economic officials.
Asked if he felt demoted, the Neda chief said he does not see his job as “an exercise of power.”
“All I wanted to do is get things done. If this whole thing, whole arrangement, will make us deliver what’s expected of us, then that’s good,” he said.
The Marcos administration has abandoned its ambition of supercharging economic growth to a high of 8 percent next year amid strong headwinds coming from prolonged El Niño and an ultra-tight monetary policy.
At its final meeting for this year last week, the inter-agency Development Budget Coordination Committee tempered its gross domestic product growth target for 2024 to 6.5 to 7.5 percent, from the previous goal of 6.5 to 8 percent expansion.
The growth target for 2025 until the end of Mr. Marcos’ term in 2028 was unchanged at 6.5 to 8 percent.
Roberto Claudio, president of Philippine Retailers Association (PRA), meanwhile, told the Inquirer that they have sent a congratulatory and support letter to Go on his new appointment.
Extensive experience
“We are confident that your extensive experience and visionary leadership will be instrumental in your new role as the head of the [OSAPIEA],” Claudio said in the letter addressed to Go.
“We believe the OSAPIEA will thrive and significantly contribute to the progress of our country,” he added.
Semiconductors & Electronics Industries in the Philippines Foundation Inc. (Seipi) president Danilo Lachica said that they also support Go’s appointment to the position and cited two major reasons.
“He can help resolve the industry concerns regarding Corporate Recovery and Tax Incentives for Enterprise (CREATE) incentives rationalization, including the layer of bureaucracy with the [Fiscal Incentives Review Board] and the concerns with the [Bureau of Internal Revenue],” Lachica told the Inquirer.
To recall, the Seipi official previously raised concerns that the CREATE led to complications for their industry when it comes to enjoying the tax incentives from the government.
The CREATE is now undergoing amendments in Congress as a response to the important issues raised by the private sector.
“He understands the importance of the semiconductor and electronics industries,” Lachica said as the second reason for their support.
The Philippines’ electronics account for the largest share of the country’s exports, making the industry one of the most important pillars of the economy.