By means of Kyle Aristophere T. Atienza, Reporter
THE NATIONAL ECONOMIC AND Development Authority (NEDA) said emerging politics on Thursday The tensions in the Philippines will have minimal or even no impact on the economy.
The Philippine government is focused on improving infrastructure, increasing the country’s resilience in the face of climate change, and diversifying the economy amid climate change. geopolitical risks, NEDA added.
It is “business as usual,” NEDA Secretary Arsenio M. Balisacan said at a Palace briefing after attending a Cabinet meeting largely focused on the 2025 national budget prospects.
He said the business community is more concerned about the sustainability of the country’s economic agenda.
“As also reflected in recent economic history, as long as the government stays on track within its economic development priorities and programs, it will maintain confidence in the economy,” he added.
“So I think the impact of [political] noises like the ones we have now, if anything, will be quite minimal and the last twelve years have had an impact on that.”
Largely due to the impact of weather conditions and slower government spending, the Philippine economy grew 5.2% in the third quarter – the weakest rate in five quarters.
President Ferdinand R. Marcos Jr. vowed Monday to fight back and never allow the country to be dragged into gutter-level politics. This comes after his former ally and Vice President Sara Z. Duterte-Carpio claimed she hired a hitman to kill the president, his wife and his wife. Speaker of the House of Representatives Ferdinand Martin G. Romualdez.
Mrs. Duterte said on Wednesday that her severed ties with the president’s camp had reached a “point of no return.”
The second highest in the countryFcial grumbled conference investigation into confidental funds at the OfFice cream from the Vice President and the Ministry of Education.
Mr. Balisacan claimed that since the late 1990s, the Philippine economy “continued to make progress despite the political noise.”
“In this administration, we are so focused on ensuring that the goals, objectives and strategies that we have outlined in the Philippines developThe plan will come to fruition,” he said.
Mr. Balisacan said it is important for the public to know that economic momentum continues.
“We can do ‘business as usual’ amid conflicts between former political allies. It may not translate into macroeconomic disruptions, but it would tarnish our image among global partners who could be potential sources of investment,” said Emy Ruth Gianan, who teaches economics at the Polytechnic University of the Philippines.
“More importantly, it negatively impacts the morale of ordinary Filipinos. They would ultimately choose to leave the country over petty political fights,” she said in a Facebook Messenger chat.
Leonardo A. Lanzona, who teaches economics at the Ateneo de Manila University, said that amid all the drama, the main problem remains the same: “that the root cause was the misuse of public funds.” funds, also known as confidental funds.”
“Of course the government is focused on the economy. But the main issue is trust,” he said via Messenger chat.
“The loss of 125 million euros of confidential money in eleven days should already be a concern for economic managers, and its consequences cannot be compensated by future dedicated work, especially if no one is held accountable for it.”
Terry L. Ridon, a public investment analyst and chairman of InfraWatchPH, said rising political tensions could create an “atmosphere of instability” from the perspective of the international community.
“This may prompt foreign investors to reconsider the Philippines as their next investment destination and rechannel their money to economies with a more stable political status quo,” he added.
“Nevertheless, Congress and the President must resolve this political instability as quickly as possible, either through impeachment proceedings or through legal proceedings initiated by various government agencies.”
‘MORE STABLE’
Mr. Balisacan said the economic meeting with Mr. Marcos earlier in the day largely focused on the 2025 national budget and “the need to prioritize the financing of high-priority projects.”
Mr. Romualdez and Senate President Francis Joseph “Chiz” G. Escudero attended the meeting.
Mr. Balisacan said Congress pledged to work with the executive branch in securing funding for its flagship projects for next year.
When asked if this would mean new taxes, the NEDA chief said: “It’s the same thing. We have not changed the priorities regarding new measures.”
He said the Legislative-Executive Development Advisory Council would meet in two weeks.
Mr. Balisacan said the President has instructed the economic team to “strengthen our practices” in releasing rules and guidelines for infrastructure projects to ensure they can withstand the floods and typhoons.
In addition to infrastructure, the economic team is also focusing on the need to “diversify the economy and strengthen its foundations,” the NEDA chief said, citing “the threat of high tariffs and the possible responses of other countries to such rates.”
Newly elected US President Donald J. Trump is seeking tariffs of 60% or higher on all Chinese goods and a universal tariff of 10%.
“I think over the years, and I am confident, that our economy is now more stable than at any time in the past, it is more diversified than in the past, but we must continue to improve the work and developing other pillars of growth,” Mr. Balisacan said.
Also on Thursday, Mr. Balisacan said NEDA would submit its periodic review of the reduced tariff on rice on Friday.
“It basically paints the picture of the rice market at the moment and provides an analysis of where we stand, especially in terms of production, supply, demand, prices and what we can expect over the next four months and beyond,” says he. said.