Economic managers likely to stay

President Ferdinand "Bongbong" Marcos Jr.'s directive for Cabinet resignations has sparked a mix of hope and apprehension in the local financial market.

- BY JAMES A. LOYOLA, DERCO ROSAL, GABRIELL CHRISTEL GALANG, AND DEXTER BARRO II

While some view it as a necessary step toward improved governance and economic performance, others are concerned about potential market volatility during the transition.

However, initial indications suggest stability within the administration's economic team. Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman told Manila Bulletin that President Marcos may retain the current economic team, while confirming she would submit her resignation as requested.

"None from the economic team, I think," would be ultimately removed from their posts, Pangandaman told Manila Bulletin in a mobile phone message.

Meanwhile, Finance Secretary Ralph G. Recto stated he submitted his courtesy resignation "without delay or reservation." Similarly, Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio M. Balisacan expressed his willingness to step down if the President deems another individual more suitable.

"If deemed necessary, I stand ready to hand over the leadership to someone the President believes can better drive our nation's development goals," Balisacan said, confirming his compliance with the resignation order.

For Energy Secretary Raphael P.M. Lotilla, who also tendered his resignation, "the midterm is an excellent opportunity for taking stock and re-energizing the government's efforts to serve our people better," as he noted that the Department of Energy (DOE) has also been "reviewing the administration's accomplishments in the energy sector thus far and at the same time reviewing the challenges that still need to be addressed."