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April 24, 2024

RCBC chief economist lists factors that will make next admin successful

Rizal Commercial Banking Corp. (RCBC) headed by bankero Eugene Acevedo has listed key factors to help the next president sustain the country’s economic recovery and development as well as attract more investments.

RCBC chief economist Michael Ricafort said the soon to be proclaimed president after the May 9 polls need to assemble a credible or competent economic team and establish policies that promote environment, society, governance (ESG) to help attract more investments.

Ricafort said there is also a need to strengthen institutions, and rule of law, establish amore effective response vs. the COVID-19 pandemic as well as focus on economic recovery measures such as the re-opening of the economy, creation of more jobs, improving the government’s fiscal position, increased infrastructure spending, among others.

According to the Yuchengco-led bank, there is also a need to continue economic and fiscal reforms, promote greater inclusion/unity among politicians, improve diplomatic relations with the biggest trading partners, sources of foreign investments as well as offset risk factors that are external in nature.

Investors would be closely monitoring the elections if it would be clean, honest, credible and peaceful, as an important first step/part of democracy.

The Armed Forces of the Philippines (AFP) said Monday’s national and local elections were generally peaceful as Filipinos were able to cast their ballots despite some untoward incidents.

“The next step would be to evaluate the incoming president’s/administration’s platforms/policies/reforms for the first 100 days, especially the members of the cabinet or economic team,” Ricafort said.