May 30, 2022
MANILA – Philippine shares would track movements overseas and upcoming announcements from President-elect Ferdinand “Bongbong” Marcos Jr.’s economic team, led by incoming Finance Secretary Benjamin Diokno.
The benchmark Philippine Stock Exchange Index bounced from deeper losses, albeit it still ended last week down 0.3 percent to 6,726.14.
The period saw the announcement of key members of the economic team. Apart from Diokno, the current Bangko Sentral ng Pilipinas governor, Marcos also selected former University of the Philippines president Alfred Pascual to head the Department of Trade and Industry.
Earlier, respected economist and Philippine Competition Commission chair Arsenio Balisacan confirmed he would return to head the National Economic and Development Authority.
Investors were now waiting for key policy announcements from the economic team.
Last week, Diokno said he would prioritize the implementation of existing tax measures over pushing for new tax laws when he takes over as Secretary of Finance.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said it was important for the new administration to improve its fiscal performance while further boosting economic activity.
“[A]ll of these measures to further reopen the economy towards greater normalcy would help narrow the country’s budget deficit and help also temper the growth in the government’s debt stock,” Ricafort said in his weekend outlook report.