The incompetence of Finance Secretary Benjamin Diokno and the economic management team is becoming more bothersome to foreign and local investors.
A Babbler said they have reached out to Malacañang, business chambers, and embassies regarding the lack of action and misguided decisions by Diokno and the economic management team, causing frustration during the first year of the Marcos administration.
Investors are grumbling over Diokno’s lack of action on value-added tax (VAT) refunds. Worse, Diokno has advocated for expanding the list of VAT-able items.
Beyond VAT issues, Diokno and his team have delayed the grant of fiscal perks and reforms on the ease of doing business.
“The economic managers are incredibly indecisive,” remarked a source, highlighting Diokno and Socioeconomic Planning Secretary Arsenio Balisacan’s lack of real world business experience and decision-making skills.
“They are economists who are good at breaking down two sides of an issue but are very bad at making a decision on what to do. They are so out of touch, ” the Babbler said.
Both Diokno and Balisacan are from the University of the Philippines School of Economics which has largely dominated government economic policy in the last three decades.
Babbler also made special mention of Trade Secretary Alfredo Pascual, a former University of the Philippines president, who was spending more time abroad than addressing the concerns of investors.
Babbler referenced President Bongbong Marcos’ move to implement a price cap on rice, a gutsy decision that Diokno quickly distanced himself from.
Diokno also opposed Speaker Martin Romualdez’s proposal to temporarily suspend VAT and excise taxes on petroleum, with the aim of alleviating the pressure on consumers facing escalating oil prices.
“Wala na nga ginagawa, hugas kamay pa, nanlalaglag pa!” exclaimed a source, suggesting that the 75-year-old Diokno seemed more focused on ensuring a comfortable retirement than addressing current issues.