Politics

Marcos win could be big setback for Philippine economy, think tank says

Ferdinand Marcos Jr. on the campaign trail

Philippine think tank Action for Economic Reforms (AER) has warned that a potential presidency of Ferdinand Marcos Jr., the son of the country’s late dictator Ferdinand Marcos, would “spell disaster” for the Philippine economy.

The Quezon City-based non-governmental organisation, which focuses on macroeconomic issues including fiscal and tax policy, administrative governance, equality, poverty reduction and sustainability, said in a statement that the May 9, 2022 election was “a turning point for the country.”

Given the profound social and economic impact of the Covid-19 pandemic, the next president must have “concrete strategies” in place to limit further risks and support the country’s economic recovery, the think tank warned.

Economic future in “terrible jeopardy”

The group noted that according to a Bloomberg survey of 28 investors and analysts, Marcos Jr. had the second lowest score in terms of economic competence of the five candidates considered, with a score of 46, compared to vice president Leonor Robredo, who received the highest score of 105 among the contenders.

“Unfortunately, if polls and surveys would dictate the actual results, the country’s economic future is now in terrible jeopardy. Ferdinand ‘Bongbong’ Marcos Jr. has led electoral surveys, and this spells trouble for everyone,” AER said, referring to the presidential candidate’s nickname.

The research organisation pointed out that analysts, investors and economists can all see “red flags” in a potential Marcos presidency. Some business executives and industrialists are even going so far to consider emigration from the country, dreading a Marcos Jr. presidency would put a strong damper on the business environment through the build-up of cronyism, according to media reports.

Risking national bankruptcy

Economists, meanwhile, say if the front runner does succeed Rodrigo Duterte, he must let go of a “proclivity” for big spending or risk national bankruptcy.

“Marcos Jr. has an unclear economic platform which depends on the empty rhetoric of ‘unity’ rather than any concrete plans or policies,” AER said.

Fiscal irresponsibility and corruption, growing debt, a downgraded credit rating, decreased investment, shrinking remittances, worsening poverty and failing economic performance are among the risks associated with a Marcos Jr. administration, the group said.

Leadership capabilities questioned

“In light of all these, it is no wonder that markets and investors are apprehensive regarding Marcos Jr.’s presidential campaign,” it added..

In his election campaign, Marcos Jr. has avoided presidential debates and has refused to answer tough questions.

“This is hardly the kind of leadership that inspires trust in an uncertain economy,” AER noted.



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Ferdinand Marcos Jr. on the campaign trail Philippine think tank Action for Economic Reforms (AER) has warned that a potential presidency of Ferdinand Marcos Jr., the son of the country’s late dictator Ferdinand Marcos, would “spell disaster” for the Philippine economy. The Quezon City-based non-governmental organisation, which focuses on macroeconomic issues including fiscal and tax policy, administrative governance, equality, poverty reduction and sustainability, said in a statement that the May 9, 2022 election was “a turning point for the country.” Given the profound social and economic impact of the Covid-19 pandemic, the next president must have…

Ferdinand Marcos Jr. on the campaign trail

Philippine think tank Action for Economic Reforms (AER) has warned that a potential presidency of Ferdinand Marcos Jr., the son of the country’s late dictator Ferdinand Marcos, would “spell disaster” for the Philippine economy.

The Quezon City-based non-governmental organisation, which focuses on macroeconomic issues including fiscal and tax policy, administrative governance, equality, poverty reduction and sustainability, said in a statement that the May 9, 2022 election was “a turning point for the country.”

Given the profound social and economic impact of the Covid-19 pandemic, the next president must have “concrete strategies” in place to limit further risks and support the country’s economic recovery, the think tank warned.

Economic future in “terrible jeopardy”

The group noted that according to a Bloomberg survey of 28 investors and analysts, Marcos Jr. had the second lowest score in terms of economic competence of the five candidates considered, with a score of 46, compared to vice president Leonor Robredo, who received the highest score of 105 among the contenders.

“Unfortunately, if polls and surveys would dictate the actual results, the country’s economic future is now in terrible jeopardy. Ferdinand ‘Bongbong’ Marcos Jr. has led electoral surveys, and this spells trouble for everyone,” AER said, referring to the presidential candidate’s nickname.

The research organisation pointed out that analysts, investors and economists can all see “red flags” in a potential Marcos presidency. Some business executives and industrialists are even going so far to consider emigration from the country, dreading a Marcos Jr. presidency would put a strong damper on the business environment through the build-up of cronyism, according to media reports.

Risking national bankruptcy

Economists, meanwhile, say if the front runner does succeed Rodrigo Duterte, he must let go of a “proclivity” for big spending or risk national bankruptcy.

“Marcos Jr. has an unclear economic platform which depends on the empty rhetoric of ‘unity’ rather than any concrete plans or policies,” AER said.

Fiscal irresponsibility and corruption, growing debt, a downgraded credit rating, decreased investment, shrinking remittances, worsening poverty and failing economic performance are among the risks associated with a Marcos Jr. administration, the group said.

Leadership capabilities questioned

“In light of all these, it is no wonder that markets and investors are apprehensive regarding Marcos Jr.’s presidential campaign,” it added..

In his election campaign, Marcos Jr. has avoided presidential debates and has refused to answer tough questions.

“This is hardly the kind of leadership that inspires trust in an uncertain economy,” AER noted.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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