The Philippine economy is expected to remain stable this year despite challenges like political noise and global risks.
According to economist Michael Ricafort, former president Duterte’s arrest has had little effect on the economy so far. He pointed out that the country’s credit ratings remain strong, even with ongoing political tensions and geopolitical issues, like the China-Philippines dispute.
However, some factors that would affect the country’s economy would be the stricter immigration rules, as these might affect some OFWs’ remittances. He also explained it could potentially slow down global trade, investments, and job opportunities. Nevertheless, the overall impact would likely remain limited for now.
The economist also highlighted the risks posed by US President Donald Trump’s protectionist policies, which could have a bigger effect on economic growth. These policies could affect global trade, especially with the Philippines.
Despite these challenges, Ricafort emphasized that as long as the country’s business and economic fundamentals remain strong, the government’s efforts to attract more investors should not be affected.
