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Manila Bulletin devider Business devider Economic team declares 'business as usual' amid intensifying political rifts

Economic team declares 'business as usual' amid intensifying political rifts

Published Nov 26, 2024 12:59 pm

The economic team of President Ferdinand Marcos Jr. asserted that it is "business as usual" for the Philippine government, citing the nation’s resilience in the face of ongoing political unrest.

In a joint statement released late Tuesday, Nov. 26, the economic managers cited the strength of the economy amid both domestic and international challenges. The statement was titled, “Economic Managers Undeterred by Politics.”

However, it remained unclear whether the joint statement pertained to escalating tensions involving Vice President Sara Duterte and the Marcos government, which intensified this week.

On Saturday, Duterte made controversial remarks suggesting she had discussed plans to harm Marcos, First Lady Liza Araneta Marcos, and House Speaker Martin Romualdez. She later clarified that her comments were not threats but rather an expression of her concerns for her safety.

In response, Marcos vowed to counter any "criminal attempts" against his administration.

Despite the tensions among the country’s top officials, the economic team maintained that government operations would continue as normal.

“The Philippine economy has proven time and again its resilience against both domestic and external challenges, whether from natural disasters, geopolitical risks, election cycle tensions, global financial crises, supply chain disruptions, or cybercriminal activities,” the statement read.

The economic managers include the Special Assistant to the President for Investment and Economic Affairs, the Finance Secretary, the Budget Secretary, and the National Economic and Development Secretary.

“All branches of government are focused on fulfilling their various functions in a whole-of-government approach toward our Agenda for Prosperity,” the managers stated.

On Tuesday, the peso fell back to the P59 level against the US dollar, while the Philippine Stock Exchange dropped 43.14 points to close at 6,806.86, despite favorable news regarding the Philippines’ credit rating outlook, which was revised from “stable” to “positive” by S&P Global Ratings.

The economic managers welcomed the news that S&P has raised the Philippines' credit rating outlook to "positive," indicating a potential upgrade to an "A-" rating within 24 months.

“The Philippines is determined to achieve an A rating, and the administration is committed to ensuring that the transformation of the economy is not hindered by political challenges,” the economic team stated.

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