Frederick Go | PHOTO: Screen-grabbed from the official facebook page of Radio Television Malacañang (RTVM)
MANILA -Property tycoon and now economic czar Frederick Go’s wealth of managerial experience would help him address the economy’s long-standing problems that prevent investments, the Foundation for Economic Freedom (FEF) said.
In a statement, FEF, a group of former economic officials and central bankers, said it welcomes the creation of Go’s office—the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA)—if this would improve coordination of investment-promoting and economic reform policies.
“Urgent and coordinated action is required to tackle major issues on a broad front, including the persistently high food inflation, which surveys show is the No. 1 concern of the Filipino public,” FEF said.
“With his managerial background, Mr. Go is expected to get the various economic agencies to tackle the Gordian Knots preventing more investments,” the group added.
Go resigned as CEO of Robinsons Land Corp. to join President Marcos’ Cabinet as head of OSAPIEA, the office that would give the chief executive “timely, relevant and strategic advice” on matters and issues involving economic concerns and investments.
READ: Frederick Go steps down from RLC; Lance Gokongwei takes over
He will serve as chair of the economic development group, replacing Finance Secretary Benjamin Diokno and National Economic and Development Authority (Neda) Secretary Arsenio Balisacan who previously chaired the group jointly.
Both Diokno and Balisacan will act as vice chairs of EDG, with analysts saying the creation of Go’s office would risk sidelining other economic officials.
Go joined the Gokongwei-led Robinsons Land in 1992.
In an interview, Balisacan said Go would serve as the bridge between the government and private sector to make the country a more attractive investment destination by addressing investor concerns.
For FEF, Go would only succeed if he can get the different egos of various departments to work together, as well as set a realistic plan with a clear set of priorities and timetable.
“A coherent economic program and swift execution will boost investor confidence and stimulate the capital markets, which are now in the doldrums,” the group said.
ARTA, more groups back Go
At the same time, Anti-Red Tape Authority (ARTA) Director General Ernesto Perez said he has full confidence and support for the appointment and the expansion of the duties of Go.
READ: Gov’t, private sector cheer Go appointment
“Secretary Go carries with him more than 30 years of success in the private sector, which encompasses his extensive experience in transacting with the government,” Perez said in a statement released on Wednesday.
“As a businessman whose leadership was vital in advancing various sectors, he has the advantage of understanding what needs to be prioritized and improved in government investment and economic policies to encourage more local and foreign investments,” he added.
The ARTA chief cited that they had the opportunity to work with Go in the past, particularly on the government agency’s initiatives to streamline the processes in securing permits for the construction of telecommunications and internet infrastructures.
Further, Perez said that Go played a pivotal role in supporting the issuance of Executive Order No. 32, s. 2023, a close public-private collaboration aimed at increasing investment opportunities by addressing digital connectivity issues.
“This landmark order expedited the issuance of necessary permits and licenses for the construction of telecommunications and internet infrastructure in the country, significantly enhancing our competitiveness in the digital economy,” Perez said.
He added that they also had previous collaborations with Go’s office to address concerns raised by both local and foreign business chambers.
“Secretary Go (kept) an open mind when he presided over these meetings and dialogues with the clear understanding of the issues and concerns raised to him brought about mainly by old and cumbersome laws and regulations where he offered both immediate and lasting solutions,” said Perez.
Meanwhile, the European Chamber of Commerce of the Philippines (ECCP) congratulated Go on his appointment, adding that they are looking forward to continuing to work with him and the entire economic cluster on increasing investments and facilitating the ease of doing business in the country.
“We are hopeful that this vision will continue to be reflected both in his new role and in the policies that the government’s economic cluster will champion,” read a statement from the foreign business chamber released on the same day.
The ECCP is the latest among the foreign business chambers in the country to welcome the appointment of the 54-year-old business luminary, following last week’s statements of support from the American Chamber of Commerce of the Philippines (AmCham Philippines) and the British Chamber of Commerce of the Philippines (BCCP).
READ: Business groups positive on new secretary-level economic post
Similarly, the head of the Regulatory Reform Support Program for National Development (Respond) has expressed support for the creation of the OSAPIEA.
“With the creation of OSAPIEA, it is expected that a more coordinated approach in promoting investments will provide a big boost in attracting foreign direct investments in the country,” said Respond Chief of Party Enrico Basilio.
Respond is a project implemented by the University of the Philippines Public Administration Research and Extension Services Foundation, Incorporated (UPPAF) and the United States Agency for International Development (USAID) aimed at improving the regulatory environment in the country.