Senate President Francis “Chiz” Escudero on Wednesday, March 19 said he is confident that despite the ongoing political developments, the Philippine economy will remain strong.
Escudero made the remarks as the nation remains divided over former president Rodrigo Duterte’s ongoing trial at the International Criminal Court (ICC).
The Senate leader said he is confident the ongoing political developments will have a minimal impact on the economy.
In fact, he said the Philippines continues to be among the fastest growing economies in Southeast Asia, even growing at a faster pace than Singapore, Thailand and Malaysia.
“This demonstrates the stability of our economy notwithstanding the political noise…Any political noise always has an impact on business,” Escudero said.
“It would slow down a little, it would hold back a little, but hopefully as it eases, as it subsides, as it becomes clearer what will happen in the coming days, months and weeks, the fears of business people will also subside and their investment in our country will return, which we desperately need at this time,” the Senate leader pointed out.
Escudero noted reports on the easing of inflation rate to 2.1 percent last month, the economy’s steady gross domestic product (GDP) growth of 5.6 percent in 2024, the healthy inflow of foreign direct investments amounting to US$8.9 billion the previous year, and the bullish outlook for 2025 due to lower inflation and higher consumption and investments are key indicators pointing to the “stability of the current administration and strong business confidence in the Philippines.”
Nevertheless, he expects to tone down once there is greater clarity on what transpired recently over the next few weeks.
“What is important is that the legal processes are being followed and the people, whatever their political or personal inclinations may be, are allowed to express their sentiments and grievances,” the lawmaker stressed.