Who is afraid of Rodrigo Duterte? (3)

PHILIPPINES - In Brief 12 May 2016 by Romeo Bernardo

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The business community finally got a preview of what presumptive president Rodrigo Duterte’s economic program would be. In a press conference late today, former agriculture secretary Carlos “Sonny” Dominguez and a member of Mr. Duterte’s transition team, presented a concise 8-point economic agenda that is quite concrete and pro-business. The list is clearly meant to calm fears of a leftist agenda that arose from campaign rhetoric. We are encouraged by this effort and find the fact that it was delivered by a most highly regarded person in Philippine business doubly positive. Mr. Dominguez is widely expected to be part of Mr. Duterte's cabinet, having been identified in the news as taking over either the finance or transportation and communication portfolios. After serving as Secretary of Agriculture under Aquino I, Mr. Dominguez headed Philippine Airlines and Manila Hotel, both then under government control, during the Ramos administration. He is a successful, Davao-based businessman who started his career as a banker in BPI/Ayala Group. In past days, local markets have been quite upbeat, cheering the peaceful conduct of the elections and Mr. Duterte’s clear mandate. Mr. Duterte has a 6-member transition team vetting prospective cabinet members and coordinating with the Aquino government to ensure that the new administration hits the ground running. Presumptive President Rodrigo Duterte’s 8-point economic agenda 1. Continue and maintain current macroeconomic policy; stressed the need to reduce corruption in the revenue collection agencies, i.e., BIR and BoC 2. Accelerate infrastructure spending, with a 5% of GDP spending target; will address bottlenecks in the PPP progr...