MANILA, Philippines — Following a revamp of his economic team, President Marcos has renewed his commitment to cut red tape and make it easier for businesses to operate in the country.
At the inauguration of the JG Summit Olefins Corp. (JGSOC) expanded petrochemicals manufacturing complex in Batangas City yesterday, Marcos directed his economic managers, led by newly appointed Finance Secretary Ralph Recto, to replace red tape with red carpet to usher in investments.
“It is my firm belief that the government should not be a yoke on the back of business, like taxing them heavily and tightly regulating their growth, making the ease of doing business a sticking point for possible investors,” Marcos said in his remarks.
Marcos said he could not help but link the significance of the inauguration of the P150-billion facility to two individuals whom he inducted into office just last week.
“First is the son of Batangas, former congressman and now Secretary Ralph Recto, who has joined us in the Cabinet as the Secretary of Finance. Second is a valuable member of the hardworking Gokongwei clan, Secretary (Frederick) Deck Go, who is now the Special Assistant for Investment and Economic Affairs,” the President said.
Together with the rest of the economic team, they will continue to create a climate that propels economic growth, boosts incentives, promotes ease of doing business and funds high-impact infrastructure, Marcos said.
“The bottom line of their assigned mission is this: To reduce red tape that chokes industry and innovation and replace it with a red carpet that ushers in capital, foreign and domestic, and provides the path towards progress,” Marcos said.
“They will do, but on a macro scale, what this multi-billion-peso complex has been doing: generate jobs, grow the economy, raise revenues, attract investors and unleash opportunities that will result in common prosperity,” he added.
Recto replaced Benjamin Diokno, now back as member of the Bangko Sentral ng Pilipinas’ Monetary Board.