The new economic czar

That snapshot of businessman Frederick Go seemingly discussing something important with President Marcos as they were walking along the streets of sunny San Francisco on the sidelines of the 30th APEC Summit last November might have been a portent of things to come.

Go, dapper in a dark blue suit and pink tie, had his arms in front with fingers spread like a steeple as if to emphasize a serious and urgent matter.

Trailing behind them were Philippine Ambassador to the US Jose Manuel “Babe” Romualdez and ports and casino tycoon Enrique Razon.

Marcos was listening intently to what Go was saying, at least as seen in that image posted on the President’s social media accounts.

Perhaps, they were discussing challenges in the economy or other pressing matters. I don’t know for sure but it showed that he had the ear of the President, at least at that exact moment.

Back then, Go was Presidential Adviser on Economic Affairs.

Now, a little over a month since, Go has moved from advising to being the country’s de facto economic czar.

Last week, Marcos appointed Go as the inaugural Secretary of the newly created Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA) following the establishment of the Office of the Special Assistant to the President for Investment & Economic Affairs.

Credit goes to Marcos for one, recognizing that our economy badly needs help and second, for appointing a businessman like Go with a proven track record in building and running successful companies from scratch.

One can’t argue with success. Indeed, Sec. Go, 54, brings with him a wealth of experience – 35 years in business, I’m told.

As a journalist covering the private sector, I’ve had a good view of the different businesses he built.

He built Robinsons Land Corp. (RLC) from the ground up to the sprawling property giant that it is now. He grew RLC from only five assets when he took over to a P223-billion company with over 53 shopping malls and over 100 developments. Today, RLC is among the sprawling Gokongwei empire’s crown jewels.

Sec. Go pulled off the largest real estate investment trust initial public offering in history, RL Commercial REIT, which has consistently declared dividends.

He also spearheaded the Gokongwei Group’s foray into the casino business through NUSTAR Resort and Casino, now an iconic and sprawling hotel and casino in Cebu.

Prior to his appointment, he was also chairman of Luzon International Premier Airport Development Corp. (LIPAD) and vice chairman of Robinsons Bank Corp., among others.

Known in the business circles as the favorite nephew of the late retail and airline tycoon John Gokongwei, he is involved in roughly 100 companies.

‘It’s the economy, stupid!’

Sec. Go, the billionaire businessman that he is, must be crazy to be giving up all of this and his comfort zone, which is no doubt beyond comfortable.

In the past, presidents have tried to recruit tycoons and business executives to join the government. Only a few actually gave up their hefty paychecks and dividends, their Boss positions and their uber comfort zones.

Credit goes to Sec. Go for accepting what is possibly a very thankless and difficult job for a chance to really help the country move forward.

With his new role, he will chair the Economic Development Group and will closely supervise the Departments of Finance, Trade and Industry and Budget and Management; and the National Economic and Development Authority and their respective agencies.

In short, he will be the de facto economic czar, providing much needed new – and young – blood to our Old Boys Club economic team, whose performance has been wanting.

It is an important position because at the end of the day, its really about the economy.

Graft and corruption

His task won’t be easy, for sure, especially because corruption is so deeply ingrained in our system – from barangay workers all the way to the highest echelons of power.

Ask businessmen what their biggest problem in the Philippines is and they will tell you it’s graft and corruption. It is no doubt the biggest impediment to our growth.

The bureaucratic cobwebs are so thick one might have to set the whole system on fire to get rid of all the filth and dirt.

Frustrated businessmen have long been resigned to the ugly reality that the system is flawed by design because there is a universe of corrupt individuals and syndicates benefitting from it.

Foreign investors have turned to Thailand, Indonesia and Vietnam because of these problems. It’s the reason our neighbors have overtaken us.

Our country, sadly, has the opposite of ease of doing business.

Can Sec. Go solve this? With full backing from the President and political will, he has potentially a huge chance to succeed.

After all, as a businessman he knows where the pain points are.

A similar role in Indonesia, the Coordinating Minister for Economic Affairs, has been successful in executing economic policies and affairs.

In short, the Minister is the one who gets things done and that is exactly what we need in our country today.

Sec. Go. will be that man and for the sake of this nation of 114 million, I fervently hope he succeeds.

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Email: [email protected]. Follow her on Twitter @eyesgonzales. Column archives at EyesWideOpen (Iris Gonzales) on Facebook.