The whole world’s watching our bank accounts crying
“Okay, so now what?” -Investors (Photo: Rappler)
The week started with a result that will potentially dictate what our wallets will look like in the next six years. Ferdinand “Bongbong” Marcos Jr. is currently leading the presidential race with a wide margin, making the country and the rest of the world believe that he will be Philippines’ next leader. There is still no definitive result and yet, we’re already seeing the repercussions.
But first, some good news. The Philippine economy grew 8.3% in the first quarter of 2022. In a joint statement from Socioeconomic Planning Secretary Karl Chua, Finance Secretary Carlos Dominguez, and Budget and Management officer-in-charge Tina Rose Marie Canda, they mentioned that the recent growth exceeded the median analyst forecast of 6.7% and that the local economy also grew by 1.9% compared to the fourth quarter of 2021. This makes the Philippines “the fastest growing economy in the East Asia Region for the period.”
Although, it’s not all roses and rainbows when talking about our money. There’s a lot of doubt right now in terms of what the future will be for the Philippines’ economic structures. This is thanks in large part to Marcos Jr.'s lack of an economic team which has investors shooting in the dark—while others prefer not to anymore.
In his first appearance to the media after the elections, Marcos Jr. reassures that he will be focusing on building up his economic team after the official poll results are released. The presidential frontrunner stated that he will be focusing on jobs development, food and energy prices, and infrastructure projects.
However, Terry L. Ridon, convenor of infrastructure think tank InfraWatchPH, says that Marcos Jr. has yet to identify proper funding for his plans. Considering that the end of March gifted the Philippines with the National Government’s (NG) total outstanding debt of a record P12.68 trillion, that’s a valid concern to have. Perhaps the Marcos’ 203-B estate tax debt can cover it if they finally decide to pay?
Right now, the money people are really just waiting for any developments on Marcos Jr.’s cabinet team while he’s busy clicking glasses with other money people as well.
