Philippine think tank Action for Economic Reform (AER) has warned that a potential presidency of Ferdinand Marcos Jr., the son of the country’s late dictator Ferdinand Marcos Jr., would be “disastrous” for the Philippine economy.
The Quezon City-based NGO, which focuses on macroeconomic issues, including fiscal and tax policy, administrative governance, equity, poverty reduction and sustainability, said in a statement that the May 9, 2022 elections are “The Turning Point for the Nation”. “
Given the far-reaching social and economic impact of the Covid-19 pandemic, the next president must develop “concrete strategies” to limit further risks and support the country’s economic recovery, the think tank warned.
Economic outlook ‘at risk’
The group noted that of the five candidates considered, Marcos Jr. had the second-lowest score for economic ability, with a score of 46, according to a Bloomberg survey of 28 investors and analysts, while VP Leonor Leonor had Leonor Robredo scored 105 points, the highest of all contestants.
“Unfortunately, the country’s economic future is now in dire danger if opinion polls and surveys determine the actual outcome. Ferdinand ‘Bombon’ Marcos, Jr. led the election poll, which brought everyone Trouble,” AER said, referring to the presidential candidate’s nickname.
The research house noted that analysts, investors and economists could see “red flags” of a possible Marcos presidency. According to media reports, some executives and industrialists are even considering emigrating from the country, fearing that a Marcos presidency would have a strong impact on the business environment through the establishment of nepotism.
risking national bankruptcy
Meanwhile, if the front-runner does succeed Rodrigo Duterte, he must abandon his “propensity” for big spending or risk the country’s bankruptcy, economists said.
“Marcos has an ill-defined economic platform that relies on empty rhetoric of ‘solidarity’ rather than any concrete plan or policy,” AER said.
Fiscal irresponsibility and corruption, debt growth, credit rating downgrades, reduced investment, declining remittances, worsening poverty and poor economic performance are all risks associated with the Marcos administration, the group said.
Leadership is questioned
“Given all of this, it’s no wonder markets and investors are concerned about Marcos’ presidential bid,” it added.
On the campaign trail, Marcos avoided presidential debates and refused to answer tough questions.
“It’s hardly the kind of leadership that inspires trust in an economy of uncertainty,” AER noted.
Ferdinand Marcos Jr. on the campaign trail Philippine think tank Action for Economic Reform (AER) has warned that a potential presidency of Ferdinand Marcos Jr., the son of the country’s late dictator Ferdinand Marcos Jr., would be “disastrous” for the Philippine economy. The Quezon City-based NGO, which focuses on macroeconomic issues, including fiscal and tax policy, administrative governance, equity, poverty reduction and sustainability, said in a statement that the May 9, 2022 elections are “The Turning Point for the Nation”. “Given the far-reaching social and economic impact of the Covid-19 pandemic, the next president must…
Philippine think tank Action for Economic Reform (AER) has warned that a potential presidency of Ferdinand Marcos Jr., the son of the country’s late dictator Ferdinand Marcos Jr., would be “disastrous” for the Philippine economy.
The Quezon City-based NGO, which focuses on macroeconomic issues, including fiscal and tax policy, administrative governance, equity, poverty reduction and sustainability, said in a statement that the May 9, 2022 elections are “The Turning Point for the Nation”. “
Given the far-reaching social and economic impact of the Covid-19 pandemic, the next president must develop “concrete strategies” to limit further risks and support the country’s economic recovery, the think tank warned.
Economic outlook ‘at risk’
The group noted that of the five candidates considered, Marcos Jr. had the second-lowest score for economic ability, with a score of 46, according to a Bloomberg survey of 28 investors and analysts, while VP Leonor Leonor had Leonor Robredo scored 105 points, the highest of all contestants.
“Unfortunately, the country’s economic future is now in dire danger if opinion polls and surveys determine the actual outcome. Ferdinand ‘Bombon’ Marcos, Jr. led the election poll, which brought everyone Trouble,” AER said, referring to the presidential candidate’s nickname.
The research house noted that analysts, investors and economists could see “red flags” of a possible Marcos presidency. According to media reports, some executives and industrialists are even considering emigrating from the country, fearing that a Marcos presidency would have a strong impact on the business environment through the establishment of nepotism.
risking national bankruptcy
Meanwhile, if the front-runner does succeed Rodrigo Duterte, he must abandon his “propensity” for big spending or risk the country’s bankruptcy, economists said.
“Marcos has an ill-defined economic platform that relies on empty rhetoric of ‘solidarity’ rather than any concrete plan or policy,” AER said.
Fiscal irresponsibility and corruption, debt growth, credit rating downgrades, reduced investment, declining remittances, worsening poverty and poor economic performance are all risks associated with the Marcos administration, the group said.
Leadership is questioned
“Given all of this, it’s no wonder markets and investors are concerned about Marcos’ presidential bid,” it added.
On the campaign trail, Marcos avoided presidential debates and refused to answer tough questions.
“It’s hardly the kind of leadership that inspires trust in an economy of uncertainty,” AER noted.
