Views of Presidential Candidates on the Economy and Foreign Investment

By Kariann Tingson

Last December 7, 2021, I attended a panel discussion, entitled “Views of Presidential Candidates on the Economy and Foreign Investment,” during the Arangkada Philippines Forum 2021. The discussion was opened by Rick Santos, Chairman and CEO of Santos-Knight Frank. Invited as panelists were six presidential candidates (as of November 2021) — Sen. Bong Go, Mayor Isko Moreno, Sen. Panfilo Lacson, former Sen. Bongbong Marcos, Sen. Manny Pacquiao, and Vice President Leni Robredo. However, only three candidates were able to join the forum through pre-recorded messages — Sen. Panfilo Lacson, Sen. Manny Pacquiao, and Vice President Leni Reobredo.

First to speak was Sen. Panfilo Lacson, whose message focused on moving forward and being more pro-active and not reactive. His mission is to accelerate and move the country forward from the nightmares of the pandemic, which has economically crippled our country. The emergence of the Delta variant during the third quarter of 2021, followed by the Omicron variant, has once again immobilized us. It is for these reasons that Sen. Lacson has always emphasized the need for a recovery road map that provides a future-proof strategy. It is an approach that will help protect the people from vulnerabilities and will help our country outsmart the threats of future crises. In addition, Sen. Lacson emphasized that the approach should not be driven by pandemic politics, but by scientific data and facts. That said, his commitment to the people are the following:

• Ensure full funding of the Universal Health Care Act to fully maximize the intent of this legislation.
• Healthcare coverage for all Filipinos, without the huge financial burden of out-of-pocket medical expenses.
• Ensure funding of the high-cost requirement of the Universal Healthcare Act to cover all barangays and provide subsidies for the whole population.
• Ensure optimal benefits for healthcare workers and achieve the target of one hospital bed per 800 population.
• Strengthening the healthcare system, protecting medical professionals and frontliners, and promoting primary and community care to help deviate from lockdowns that cripple our economy.
• Full support to the business sector to attract capital inflow. He believes it’s high time for us to do away with over regulation beyond competition policy, which does more harm than good to our partners in nation-building.
• Ensure that economic reforms like the Retail Trade Act are properly implemented to help us become more globally competitive.
• Reform property valuation and assessment.
• Ease of paying taxes by digital payments to help on-the-ground work to reboot our economy.
• Push for recovery startups for sectors badly hit by the crisis by comprehensive and targeted stimulus packages, eviction and foreclosure moratoriums, lower interest-bigger loans programs from state-run financial institutions, and employee retention incentives to encourage institutions to go back to business.
• Launch the “Made in the Philippines” campaign to encourage buying and availing of locally made products and services.
• Encourage people to go back to work through cash-for-work programs by engaging both the public and private sectors in providing the labor force with cash assistance.
• Exploring the application of industry and employer-led skills training schemes, following best practices of other nations in securing a highly skilled workforce to boost our national competitiveness and encourage both public and private investments.
• Apprenticeship programs, where college graduates and able-bodied undergraduates — even junior and senior high school students — undergo paid internships in government offices and private corporations.
• Vision for the food providers — expand meaningful opportunities for our farmers and fisherfolk and ultimately put an end to the vicious cycle of abuse and corruption hounding this sector.
• Improvement of the national broadband program because it is the blueprint in building infostructure for a digital nation.
• Connect, unify, and automate all government processes in order to improve efficiency in government transactions and to minimize, if not totally eradicate, corruption.
• Fast track the implementation of the National ID System under PhilSys Law (RA 11055), which he authored, sponsored, and has pushed for since 1999.
• Guarantee a historic increase in funding for research and development to boost innovation and productivity, promote an export-driven country, and increase competitiveness in the global market.

Sen. Lacson ended his speech by emphasizing good governance. He said that leaders must walk the talk and lead by example. We need leaders who can and will break away from the politics of entertainment, double-speak, and lip service. Meaningful reforms cannot happen overnight. We cannot reform society if leaders in government cannot reform themselves.

Next to speak was Sen. Manny Pacquiao. He started his short speech with an assurance of a better life for all Filipinos. He emphasized that the Philippines and the Filipino people will remain poor if we do not take corruption out from its roots. We have endured abuses from corrupt government officials for a very long time because we continue to give them the power and the chance to do so. The absence of corruption results to a better investment climate, more funding for small businesses, and more livelihood for our fellow Filipinos. His commitments are the following:

• Stop corruption in all levels of government and place corrupt government officials behind bars
• Reduce corporate tax to 15%
• Reduce price of electricity
• Reduce price in all goods and services
• Increase internet signal

Lastly, VP Leni Robredo started her speech by highlighting the AmBisyon Natin 2040 Philippine Development Plan. It’s a major project that required the sharpest economic minds in the country to take a deep dive into data, building on decades of policies and economic themes, to draw a road map for national progress. It remains to be the pathway to making the Philippines a prosperous and predominantly middle-class society, lifting people out of poverty. In this undertaking, the role of the government becomes clearer — to make sure gaps are filled, obstacles are addressed, and interventions are done. Her speech revolved around these questions: What should the government do to rise to these challenges? What should government be?

First Imperative

Government should be trustworthy. When rules are unequally applied and changed in the middle of the game, and when government cannot be trusted to keep its word, the economic environment becomes unpredictable. This unpredictability causes lack in confidence and keeps investments away. A credible and trustworthy government should inspire confidence because investors will know that rules will be followed and those who do not follow the rules will be held accountable.

How do we restore trust? Professionalize bureaucracy led by people with unquestionable integrity. This will build a culture of honesty and efficiency — allowing science to make informed decision-making, enforcing evidence-based cost estimates, and performing regular audit checks to ensure integrity of processes. Professionalizing bureaucracy ensures that public servants will have nothing to hide, committing to transparency and accountability. She cited that she filed a full disclosure bill while in Congress, similar to what her late husband Jesse Robredo set in motion during his time as mayor in Naga. This bill allows financial transactions and documents of public interest to be readily accessible by the public. This is something she intends to prioritize should she be elected.

Second Imperative

Government should be empowering — a government that seeks to engage businesses and come up with solutions, rather than a government fixated on restrictions. It is a government that listens and actively builds a workable and dynamic consensus with its stakeholders, understanding that national progress is a goal that must be shared by all.

She mentioned that in order to create spaces for such engagement, the National Competitiveness Council shall be revived. The Anti-Red Tape Authority is important to streamline processes and provide a broader vision of a more competitive economy. The NCC’s role should be strengthened so that dialogues become a more integral part of the process, concerns can be addressed with good will, and ideas can be developed in line with AmBisyon Natin 2040.

In addition, she plans to find ways to unlock the energy of the economy, whether it’s implementing existing rigorous laws, such as the Ease of Doing Business Act, or reviewing existing polices and legislations that serve as roadblocks to allowing businesses to thrive. To this, she ensured that her administration will make it their mission to execute the Public Service Act, should she be elected.

Third Imperative

Government should be agile. The slow and bureaucratic processes can be addressed through modernization and digitalization by harnessing technology and allowing the system to work with minimal arbitrariness and human intervention. Digitalization must be treated as a front-end domino to unlock the economy. We must hasten the transition that has been forced upon us by the pandemic and formulate new practical processes.

For a government to be truly quick on its feet, a change of mindset is necessary. The government must understand that, at the end of every decision, there is always someone, a community, or a family that gets affected. The only way to address this is through good leadership. Those who govern must show that they are willing to go against vested interest and exhibit decisiveness, moral courage, and political will in the name of the public it serves. A culture of urgency and solidarity must be cultivated.

Lastly, she emphasized that her track record is open to the public. She is an open book — the public knows how she works, what she believes in, and her intentions. She asks the public to look into her history, as well as the history of her fellow candidates, while they reflect and decide in the coming months. TRUSTWORTHY, EMPOWERING, AND AGILE — this is what government should be. We must consider the character of the government that will implement all of these laws and legislations. What is the bigger picture that they see? What are their core philosophies? And most importantly, can we trust that their actions will reflect the words that they speak?

My key takeaway is very simple and short — vote wisely and demand honesty and integrity! The Filipino people deserve the best. Let’s stop all this political pandemonium and the war of colors and trolls. Let’s vote into office leaders that are wise, smart, empathetic — leaders with integrity and strong principles. Let us not be blinded by money, pressure, and false media. Let’s help build the future we want for ourselves, for our children, and future generations. Your vote is very powerful, make sure it matters.

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About the author:

Kariann is a graduate of St. Paul University-Manila.