By Chloe Marie A Hufana, reporter
President Ferdinand R. Marcos, Jr. said that confidence in the Philippine economy has been “restored” as his administration's efforts to expose and address irregularities in government have strengthened confidence in its economic management.
At a news conference in Gyeongju, South Korea, on Saturday night, the president said his administration's decision to publicly address and correct irregularities reflects a commitment to good governance and economic stability.
Mr. Marcos, who lived in South Korea for 32 yearsRa The meeting of Asia-Pacific Economic Cooperation (APEC) economic leaders said transparency in government operations sends a strong signal to investors that the Philippines is serious about reform and accountability.
“If we had not exposed it, they would have been saying there is a problem. Now that we have exposed it, their confidence in the Philippines has strengthened,” he said, according to a video streamed live on state media.
“That's why things have changed. The level of confidence in the Philippine economy and the Philippine government as the leader and guide of the economy has been restored.”
Arriving in Manila on Sunday, Mr. Marcos vowed to maintain the momentum of the Philippines' APEC participation and said his administration would translate commitments made in South Korea into “concrete results” for Filipinos and the broader region.
He said this year's summit reaffirmed the shared resolve among member economies to pursue growth based on connectivity, innovation and inclusivity. He also noted Manila's push for stronger digital inclusion for small businesses, seamless cross-border trade through better infrastructure and comprehensive upskilling initiatives for women and marginalized sectors.
Mr. Marcos repeatedly stressed transparency and accountability as keys to maintaining investor confidence and achieving the administration's medium-term development goals, which aim to rank the Philippines among Southeast Asia's top investment destinations.
The government launched a massive corruption crackdown in August, investigating a public works scandal that exposed lawmakers, contractors and public works officials who allegedly took billions in bribes.
“All countries have their own problems, but the only problem, especially for investors, is whether the government is doing anything about it,” Mr. Marcos said.
not restored yet
However, Foreign Buyers Association of the Philippines (FOBAP) President Robert M. Young said business confidence has not yet been restored.
“To say that business confidence has been 'restored' is not quite accurate, but fortunately, people can see that the government is making efforts to address the problem, which is expected to have good and acceptable results,” he said via Viber. He also said that the country is still “in the process” of restoring lost trust.
Mr. Young said the Philippines should not “overcompensate” and “exaggerate” the issue of corruption, instead focusing on how to fix its “disappointing filing business capabilities” compared to neighboring countries.
Jose Enrique A., executive director of research firm IBON Foundation. Africa also rejected Mr Marcos's claim that confidence in the Philippine economy had been restored, calling it “hollow nonsense”.
He said real confidence must come from the people, who remain suspicious of the government's anti-corruption campaign and disagree that the economy can provide secure jobs, fair wages and affordable basic services.
Citing a Pulse Asia survey, he said almost all Filipinos believe corruption is widespread and growing, and less than a third of respondents trust the President to address the issue.
Mr. Africa said major investors were also reassessing the risks posed by ongoing corruption scandals, warning that the Marcos administration was underestimating the public outrage and its potential political consequences.
“Even financial markets and big investors accustomed to profiting amid corruption should take pause today when they take stock of the ultimate impact on public investment and especially the political situation,” he said via Viber.
“The Marcos, Jr. administration may be wrong in thinking it can control outrage against corruption and prevent the presidency from being held accountable.”
The business community previously issued an open letter condemning rampant corruption in the country and demanding accountability.
He urged Mr. Marcos to take “bold and concrete action” to combat rampant corruption and rebuild public trust.
The letter, written by organizations including the Employers Confederation of the Philippines, Federation of Free Workers, Philippine Chamber of Commerce and Industry and the Trade Union Congress of the Philippines, lamented the lack of effective follow-up despite the investigation.
