President woos tycoons to her advisory group
Gil C. Cabacungan Jr.
Inquirer News Service
PRESIDENT Gloria Macapagal-Arroyo is forming a new advisory group made up of the country's business leaders to rebuild her ties with big business, a significant bloc of which recently joined the rising clamor for her to resign amid the "Gloriagate" and "Juetengate II" scandals.
A Malacañang official said that among the core members being considered for inclusion in the proposed advisory council were SGV & Co. founder Washington SyCip, Ayala Corp. president and CEO Jaime Augusto Zobel de Ayala, SM Group executive vice president Tessie Sy-Coson, Phinma chair Oscar Hilado and Rizal Commercial Banking Corp. vice chair and CEO Cesar E.A. Virata.
The official, who requested anonymity, said Ms Arroyo had long been wooing these business leaders to join her advisory group that would recommend economic policy reforms needed to sustain the country's growth.
Earlier plan
But Ms Arroyo's move to recruit these business leaders into her brain trust hit a snag on July 8 when her economic team led by Finance Secretary Cesar Purisima urged her to step down. Purisima and the other members of the so-called Hyatt 10 said Ms Arroyo's struggle for political survival had become a hindrance to good governance and policy implementation.
That same day, the leadership of the influential Makati Business Club also joined calls for Ms Arroyo to resign. The MBC's resign call was later criticized by some of the group's members who said they were not consulted on such a big issue.
Even so, the Palace official said Ms Arroyo remains undeterred in her plan to organize her business advisory group. The official said the President had continued to host low-key dinners with these industry captains over the past few weeks.
"Her goal is to quietly rebuild unity of business groups in order to get a consensus on new reform ideas and secure support for her reforms," the source said.
Confirmed
A source close to Coson, the eldest daughter of retail king Henry Sy, confirmed that she had attended some of these dinners with the President and other businessmen. The source, however, denied that Coson had been designated one of the President's advisers.
Francis Chua, president of the Federation of Filipino-Chinese Chambers of Commerce and Industry, said Ms Arroyo has been wooing the country's leading businessmen to support her efforts to put the economy back on track amid a looming oil crisis.
"The President believes that we need a concentrated effort if we are going to solve not only the fiscal crisis but more importantly the looming oil crisis," said Chua.
He said the President's commitment to address all allegations against her -- from jueteng payoffs involving her family to cheating in last year's elections -- should allay fears of businessmen that the political crisis would adversely affect the economy in the face of surging world oil prices.
Crucial week
This week is crucial for Ms Arroyo as opposition attempts to impeach her come to a head and the Supreme Court rules on the legality of the expanded value-added tax (VAT) law, the centerpiece of her economic reform plans.
The high court is expected to lift its suspension of the VAT law, boosting Ms Arroyo's image with international ratings agencies concerned about the country's huge debts but making life harder for millions of poor people.
Still, some political analysts have voiced doubts Ms Arroyo will be able to regain the confidence of the entire business community.
During his short-lived tenure, then President Joseph Estrada formed in January 2000 a high-powered Council of Senior Economic Advisers to guide him on economic policy. The body was made up of SyCip, Zobel de Ayala, Virata, former Bangko Sentral ng Pilipinas Governor Gabriel Singson and former Senator Vicente Paterno.
Ten months later, the members of the council, except Singson, resigned amid the "Juetengate I" scandal. Estrada was ousted in January 2001 in the EDSA II people power revolution.
Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc. (FFCCCII)
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