Tycoons cheer pro-biz BBM

Three years ago, President Ferdinand Marcos Jr. took the helm of the country as the world continued to grapple with the Covid-19 pandemic and economies, including the Philippines, strove for recovery after crippling lockdowns.

- By JAMES A. LOYOLA

Governments worldwide faced the delicate task of balancing public health protection with the need to reignite economic activity. This meant encouraging people to return to work, resume spending, and invest to set national economies on the path to recovery.

Now, halfway through his six-year term, President Marcos and his economic team boast one of the fastest-growing economies in the region. This achievement comes even as some sectors are still recovering from the pandemic’s impact, and others continue to adapt to shifts in consumer behavior and preferences.

In this business environment, some of the country’s top tycoons and conglomerates share their experiences from the past three years under President Marcos’ leadership.

"President Marcos Jr. took office at a time of great global and domestic uncertainty from the lingering effects of the pandemic to geopolitical and economic volatility," noted Manuel V. Pangilinan, chairman of telecommunications giant PLDT Inc.

When Marcos took office in June 2022, the economy was in a recovery phase and faced rising inflation, largely due to global factors, along with high public debt incurred during the pandemic response. While the job market was improving, the Philippine peso was depreciating against the United States (US) dollar.