Philippine Stock Exchange president Ramon Monzon was quick to shoot down mounting investor concerns following the landslide victory of Bongbong Marcos in the presidential elections.
In an interview with Bloomberg a day after the May 9 election, Monzon said: “I think for the foreign investors, there will be a short wait-and-see…see who the economic team will be. I think that is the most important thing, not so much as the president as who will be the economic team as far as business is concerned or stock exchange for that matter.
Monzon previously ran three government-controlled television networks in 1984 or two years before Bongbong’s father, former president Ferdinand Marcos, was ousted from power.
The former SGV& Co. partner was recruited by Bongbong’s sister, Senator Imee Marcos, to take over management of ABS-CBN (Banahaw Broadcasting Corp. or BBC Channel 2), RPN-9 and IBC-13 and from Marcos crony, Roberto Benedicto .
Monzon also claimed Bongbong’s victory was perceived as a good thing for the country by some sectors.
“It’s the first time the Philippines has elected a majority president and some people are looking at this positively,” Monzon said.
Monzon said Bongbong has “a lot of things” go for his incoming administration considering the reforms put in place by President Rodrigo Duterte such as key amendments to the Retail Liberalization Act, Foreign Investment Act, Public Service Act, and Ease of Doing Business and Efficient Government Service Delivery Act ‘ and enacting the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Ac.
“The ingredients are there…we’re hoping the new team will have the dynamism the country needs.”