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Manila Bulletin devider Philippines devider National devider Esperon curious about anti-Marcos 'connections' of J.P. Morgan

Esperon curious about anti-Marcos 'connections' of J.P. Morgan

Published May 11, 2022 06:47 pm

National Security Adviser Hermogenes Esperon Jr. said Wednesday, May 11, that he wants to look into the “connections” of J.P. Morgan (JPM) Global Research, an American financial services giant, to determine if there are businesses that are hostile to leading Philippine presidential candidate Ferdinand “Bongbong” Marcos Jr. and his family.

National Security Adviser Hermogenes Esperon Jr. speaks at the Kapihan sa Manila Bay on May 11, 2022. (Screenshot from Kapihan sa Manila Bay livestream)

“I would also like to look at the connections of J.P. Morgan because there are big businesses that have been against the Marcoses since time immemorial as far as I can remember,” Esperon said at the Kapihan sa Manila Bay forum.

Esperon made the remark a day after the American firm dropped the Philippines to the bottom of an investment list immediately after the May 9 elections where Marcos Jr. is set to win via landslide.

“Philippines equities face myriad challenges, including twin deficits, higher inflation, slower government spending in the quarters after the election (transition pain), high public debt, risk of valuation derating, and potential earnings growth disappointment,” JPM said.

Esperon said he respects the decision of J.P. Morgan although he questioned the timing that it was announced.

“It’s a company in the United States, it’s a giant, we must admit that and it is very influential. But from whom is it getting information? Why Ferdinand Marcos Jr. become a liability if he becomes a president as far as business is concerned?” the top security adviser said.

“We must respect their position but remember that they are not the ultimate judge of what will become of the Philippine business,” he added.

Investor confidence appears to be on a decline post-elections after the Philippine Stock Exchange also closed with a 0.58 percent loss last Tuesday.

Related Tags

JP Morgan 5112022 Marcos hermogenes esperon jr. Elections
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