In its first 100 days, the new Marcos administration has hit the ground running. The President’s campaign promise to transform the lives of Filipinos by transforming the Philippine economy is now being vigorously pursued by his economic team through a focused development agenda that appears to combine the inherent powers of both business and politics to move things forward faster, smarter, and stronger.
One of the things the President made clear from the very beginning is that his administration’s critical economic objectives can be fully and successfully achieved through collaboration with the private sector, as they have the expertise and more importantly, the resources needed to implement the solutions required by Marcos’ economic plan.
And so the first action step initiated by the administration in this regard was to immediately call for the formation of a Private Sector Advisory Council (PSAC) composed of a wide selection of the country’s top CEOs from all critical industries. As the CEO of a trusted, reputable, and highly capable conglomerate, Sabin Aboitiz was chosen to convene the council and oversee its mandate, which is as follows:
Through advisory, recommendation, and potential collaborative implementation, PSAC will help and support the Marcos administration in meeting its objectives of economic growth, job generation, improved government service through digitization, universal health care, food security, and the improvement of Philippine tourism and infrastructure. PSAC would also offer advice on best practices in terms of accelerating economic activity, encouraging investments, reducing red tape, and promoting ease of doing business.
The council is divided into six sectoral groups with their own teams of CEOs and top industry captains focused on addressing challenges in infrastructure, tourism, job generation, healthcare, digital infrastructure, and agriculture, respectively. The groups and council regularly and directly report to the President on the challenges and opportunities of the business sector, and the candid discussions that take place among its members are geared towards consistently adding significant value to the administration and its goals.
The groups work closely and cooperatively with their counterpart government departments and agencies to identify vetted and implementable policies and projects that support the government’s priorities.
The formation of PSAC could be an initiative of the Marcos administration to form a governance structure that maximizes the benefits of inclusivity, generating the best ideas, practices, and information from all worlds in order to come up with the best solutions. Now that he’s got a super congress behind his back to make the passage of much-needed legislation a less encumbered and politicized process, it would only make sense to get a consensus of top conglomerates to further unify the country towards decisive action that would benefit the people immediately.
“While we remain competitive as required by a functional capitalist system, we believe in the President’s call for unity in the private sector, so that business can step up, join forces, and combine all our unique strengths under one organized group, and use that resulting synergy to help the administration steer our country to where it needs to go, and where it actually can go. In an underdeveloped economy like ours, this is the most logical course of action,” said Aboitiz. “You’re going to need a few giants if you want to move mountains.”
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