Economy ready for any president says business leaders
In what could be the most underrated legacy that the Aquino administration can leave behind to the country, business leaders say that with the strong system set up by the current administration, the country is still ready to face economic hurdles regardless of who comes into power in the Malacanang.
The Philippines has acquired several credit rating upgrades and it also has a strong economy. These will be the foundations for rising growth in the country whoever will be sworn into power this May 9.
Philippine businessmen remain resilient and confident the country's growth. The country has been affected by market jitters. Lower stock prices, speculative trading, and pulling out of local stocks are considered normal in elections. This one might be more dramatic, but businessmen say that this hopefully will only be for the short term.
Businessmen also cited that a young working population, robust overseas remittances, and increase in foreign direct investments throughout the years are few things that they agree on that will continue the country's growth.
"Let’s just deal with whoever is the next president. We will find out by this time next week. I think all of the candidates are pro-business," Philippine Long Distance Telephone Company (PLDT) chairman and CEO Manuel V. Pangilinan.
Alberto de Larrazabal, CEO of Globe, shared the same sentiments. He noted that Philippine businesses can handle and adjust to any president.
"What I just hope for is a peaceful and honest election," he continued.
From 'Sick Man of Asia' to fastest growing Asian Tigers
The Philippines has reaped praise from all corners of the international community for the current administrations reforms that have catapulted the country back on track to center stage as an important world power especially in the pivotal South East Asian region. These reforms were made possible by the Aquino administration.
Additionally, strong public-private partnerships have boosted infrastructure and is responsible for increasing GDP to above 6% average.
These market jitters could be worsened if Dutete takes the helm, as the strongman but mostly clueless leader on economics lacked specifics in detailing his economic policy to the businessmen in the Makati Business Club. In response, he says he'll just hire someone who's great at the job. This does not remove the jitters in the market, because without a unified economic plan, the country is at risk of straying from the growth it has worked so hard for.