THE appointment of businessman Frederick Go as economic czar will help deepen the country's capital market, the stock and fixed-income exchanges said Tuesday.

In a joint statement, the Philippine Stock Exchange Inc. (PSE) and the Philippine Dealing System Holdings Corp. (PDSHC) congratulated Go after the latter took his oath of office last Friday along with new Finance Secretary Ralph Recto.

"PSE and PDSHC believe that Mr. Go is an ideal fit for this position given his business acumen, extensive experience, and visionary leadership in the corporate sector," they said.

"Mr. Go exemplified these traits in his position as president and chief executive officer of a publicly listed company that experienced substantial growth and expansion in the last decade or so."

Go's exposure and involvement in various sectors, including banking, air transportation, property, and power, has equipped him with a "unique perspective of vital industries in the country," the statement continued.

"We express our full trust and support in the leadership of Mr. Go. We hope to work with him on initiatives that will help deepen the Philippine capital market."

In January 2023, Go was named presidential adviser on investment and economic affairs, but Marcos upgraded his appointment in December to head the newly created Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA).

Following his appointment, he left his numerous corporate posts, including his role as president and CEO of Robinsons Land Corp., to avoid any possible conflicts of interest.

In his new role as SAPIEA, Go carries the rank of secretary and has authority over the National Economic and Development Authority (NEDA), the Budget, Finance, and Trade departments, and their attached agencies.

He now serves as chairman of the Economic Development Group, formerly headed by the Finance and NEDA chiefs, who have become vice chairmen.

Go has also become a member of the NEDA board, which decides what projects the government should pursue, and the interagency Development Budget Coordinating Committee, which sets the government's macroeconomic targets.

Under Executive Order (EO) 49 that created the office, the SAPIEA shall be the executive secretary's permanent representative to the Fiscal Incentives Review Board.

He "may also be designated by the President to act as a representative of the [Office of the President] in other agencies, departments, boards, and committees whose functions are related to investment and economic affairs, subject to existing laws, rules, and regulations," the order states.

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