Philippine President Ferdinand Marcos Jr. has assured the public that the government’s policies will persist despite a significant revamp in his economic team, including the replacement of his finance chief. This announcement comes more than a year into Marcos’s term as president, which commenced in 2022. The reshuffling of key positions aims to address emerging challenges, particularly the issue of elevated inflation that has exceeded the central bank’s target for the third consecutive year in 2023.
President Marcos emphasized continuity in government policies during a briefing on Friday, stating, “We are not changing horses in midstream. We are continuing the policies that we have laid out from the beginning.” The commitment to maintaining established policies reflects a strategic approach to governance despite the adjustments in key economic positions.
As part of the economic team revamp, Marcos appointed veteran lawmaker Ralph Recto as the new finance chief, succeeding Benjamin Diokno. Diokno, a seasoned economist and former central bank governor, has been named as a member of the central bank’s policy-setting Monetary Board. President Marcos explained that the transition for Diokno was a natural progression, stating that “it was just time” for him to return to his role within the Bangko Sentral ng Pilipinas’ Monetary Board.
In addition to the change in the finance chief position, President Marcos appointed property CEO Frederick Go as a special assistant tasked with coordinating economic and investment policies. The new appointments are part of a broader strategy to optimize the government’s economic management and address challenges posed by inflation and other economic factors.
The Cabinet reshuffle comes at a crucial time for the Philippines, as the nation grapples with elevated inflation that has exceeded the central bank’s target for three consecutive years. The persistent challenge of inflation necessitated strategic changes within the economic team to adapt and respond effectively to economic pressures. President Marcos’s decision to revamp key positions reflects a commitment to proactive governance in addressing economic challenges head-on.
The elevation of inflation has been a significant concern for the Philippines, requiring targeted efforts to stabilize the economy. The reshuffling of key economic positions, including the appointment of a new finance chief and a special assistant for economic coordination, demonstrates the government’s dedication to formulating effective policies to mitigate the impact of inflation and drive sustainable economic growth.
President Ferdinand Marcos Jr.’s affirmation of policy continuity amidst a revamp in his economic team reflects a strategic approach to governance in the face of evolving economic challenges. The appointment of a new finance chief, alongside other key changes, underscores the administration’s commitment to addressing issues such as elevated inflation and fostering economic stability. As the Philippines navigates through economic uncertainties, the reshuffled economic team is poised to adapt and implement measures that support the nation’s long-term economic well-being.
