Guinigundo: Names of econ managers as important as Marcos admin's econ policies

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Metro Manila (CNN Philippines, May 13) — Leading presidential candidate Ferndinand "Bongbong" Marcos Jr. is already preparing for the start of his administration as partial, unofficial vote counting shows his apparent landslide victory.

But with the absence of concrete programs for the economy during the campaign, former Bangko Sentral ng Pilipinas Deputy Governor Diwa Guinigundo said the next administration should have credible economic managers and clear policies, which are equally important for the global financial community from whom the country is borrowing billions of dollars.

"The names of the new economic managers are as important as the economic policies of the new government," he told CNN Philippines' The Exchange.

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The government reported an 8.3% economic growth in the first quarter of 2022. However, the country's outstanding debt already ballooned to ₱12.68 trillion as of end-March as authorities availed more loans amid the COVID-19 health crisis.  

Marcos earlier said he is already in the process of selecting his appointees, with the economic managers as a top priority given their crucial role in the country's recovery. 

Guinigundo noted the market should know who will be the economic team since the market will also judge them based on their credentials. Good names and a very good roadmap to manage the health crisis will be vital to prevent the risk of a valuation derating from international rating agencies, he added.

"Yes, the credit rating agencies will be looking at the composition of his economic cabinet, but at the same time they will also be more conscious of the kind of policies that he will be coming up with," he said.

The former BSP official said it will also be better for Marcos to be personally involved in the creation of policies by his economic team since this will be an assurance to the market that he is "is very active and fully engaged in the management of the economy."

Guinigundo said the country's growth may be sustained under a Marcos administration with sufficient assistance from his economic managers coupled with the right policies.