NextGen Day

MANILA, Philippines — According to the Philippine Chamber of Commerce and Industry (PCCI), the Duterte government has laid a solid economic basis for the next administration.

PCCI president George Barcelon stated in a statement released Tuesday that the future administration will confront the same financial issues.

The prolonged coronavirus disease 2019 (Covid-19) pandemic, as well as the effects of the conflict between Ukraine and Russia, have posed economic hurdles, he said.

“There will be blips in the rating and a downward trend, but we know our macroeconomic fundamentals are intact and President Rodrigo Duterte’s administration’s economic reforms, kudos to Finance Sec. (Carlos) Sonny Dominguez who provided a sound take-off point for (the) new administration,” the PCCI chief added.

The Corporate Recovery and Tax Incentives for Enterprises (CREATE) law, the Ease of Doing Business and Efficient Government Service Delivery (EODB) law, and amendments to the Retail Trade Liberalization Act, Foreign Investments Act, and the Public Service Act are among the economic reforms passed during the Duterte administration.

“Let us give the new administration time to formulate and present its proposals for making our country more progressive,” Barcelon remarked.

He also encouraged Filipinos to be hopeful about the country’s future.

The country’s largest business association also expressed gratitude to the Commission on Elections, the National Citizens’ Movement for Free Elections, the Parish Pastoral Council for Responsible Voting, teachers, and volunteers for helping to make the elections “usually peaceful and credible.”

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