Makati Business Club Backs Marcos’ Economic Team Amid Cabinet Shakeup

The Makati Business Club (MBC), a leading voice in the Philippine business community, voiced strong support on Thursday for President Ferdinand “Bongbong” Marcos Jr.’s current economic team, even as the president seeks courtesy resignations from all Cabinet members.

During a media briefing in Makati City, MBC Executive Director Rafael “Apa” Ongpin emphasized their confidence in the administration’s economic cluster, saying, “We like these guys. They’re well-qualified and we believe they’re the right people for the job. A major reshuffle would really surprise us.”

President Marcos recently called for all Cabinet secretaries to tender courtesy resignations, signaling a potential reshuffle as he aims to recalibrate his administration following underwhelming results in the recent midterm elections.

MBC Chairman Edgar Chua echoed Ongpin’s sentiments, noting that replacing key economic officials could disrupt ongoing government programs. “We hope the president retains those who’ve performed well. Their track record should speak for itself,” Chua said.

Chua added that the resignation call could be a strategic move to allow President Marcos the freedom to realign his team for the second half of his term, which runs until 2028. He stressed the importance of minimizing disruptions to maintain economic momentum.

The country’s economic team — which includes officials like Arsenio Balisacan (Economic Planning), Ralph Recto (Finance), Amenah Pangandaman (Budget), Cristina Roque (Trade), and Frederick Go (Investment and Economic Affairs) — has already complied with the president’s request.

Looking ahead, the administration targets a 6% to 8% growth rate from 2025 to 2028, aims to reduce poverty to 9%, and lower the debt-to-GDP ratio to under 60%.