Business sector remains solid behind Duterte

On Wednesday, President Duterte is set to have bilateral meeting with Russian Prime Minister Dmitry Medvedev. (Photo: Presidential Photo/ Philippine News Agency)

MANILA— Despite the recent drop in his popularity ratings, President Rodrigo Duterte continues to enjoy the full support of the country’s business community, a Malacañang official said Tuesday.

“Despite the ratings of our President which is slightly down, one thing is important: the business community is solidly behind the President,” Presidential Adviser on Entrepreneurship Joey Concepcion said in a Palace briefing.

Concepcion said proof of the business sector’s confidence in the way the President is running the economy is the performance of the stock market.

“The stock market hit an all-time high. If there’s no business confidence, you won’t see the stock market making an all-time high,” he said.

“I will always say, the reflection of the business community is really always looking at our stock market. That is the index of confidence for business confidence,” Concepcion said.

According to the results of the Third Quarter 2017 Social Weather Survey (SWS) released Monday, Duterte obtained a net satisfaction rating of +48 (good), a dip of 18 points from the “very good” net satisfaction rating of +66 he got in June 2017.

The survey, which was conducted from September 23 to 27 also showed that the President’s net trust rating fell to +60 (very good) from +75 (excellent).

Despite this, Concepcion said there is a great sense of optimism, especially from the bigger conglomerates, all the way down to micro and small entrepreneurs.

He said the large conglomerates — the Ayalas, the Lucio Tans and the Gokongweis among others — have formed a cluster to work closely with Duterte’s economic team headed by Finance Secretary Sonny Dominguez.

“And we, for the past month or so, have been engaging with them on how the private sector can partner closely with the government in their Build, Build, Build program. The business sector wants to engage with this government to really be partners with them in their nationwide building program,” Concepcion said.

He added that the large conglomerates have also promised to really bring the micro and small entrepreneurs into the system.

“You have of course the politics and all of that noise there. But we have to remember that the business sector has to be focused on its vision aligned with the government on how in the end, all of these infrastructure will really help many of our small entrepreneurs and eventually the general population,” Concepcion said.

He said that the country right now is conducive to business and defended President Duterte’s war against drugs, criminality and terrorism as part of the process of providing the right macro environment for business.

Concepcion pointed out that interest rates and commodity prices remain stable, the foreign exchange will play within range and the labor force is also peaceful for some time now.

“So our country is conducive. Yes the drug war is continuing to be fought by our President and the military. And whatever it is, the drug solution is definitely a problem and the process of solving the problem, we have to trust our leadership on what is the best process,” he said.

“We have to have a country that is safe. Marawi is one instance wherein in the end, it was more than just terrorism. And I’m glad that the President is really focusing on providing security in making this country drug-free. Because in the end, without the right macro environment, no matter what a businessman does to grow and be part of a growing economy, it would be always challenged,” Concepcion said.