THE outgoing Duterte and
incoming Marcos Jr. administrations have jump-started
their transition talks.
Finance Secretary Carlos
Dominguez III said on Tuesday, just a day after the presidential elections, that the briefing has begun.
Dominguez declined to
identify who composed the
economic team of Ferdinand
Marcos Jr., who will assume the
presidency on July 1. “Let’s await
their disclosure,” Dominguez
In a May 9 report, London-based think tank Capital
Economics said the Marcos Jr.
presidency was expected to sustain the ambitious “Build, Build,
Build” infrastructure program
as well as closer ties with China,
which his predecessor initiated.
“Spending on infrastructure would be welcome and
could provide an important
boost to the country’s prospects. In contrast, the potential
economic benefits from closer
ties with China are likely to be
quite small, especially given the
risk that a pivot towards Beijing
could jeopardize the country’s
more important economic relationship with the US,” Capital
Economics senior Asia economist Gareth Leather and Asia
economist Alex Holmes said.
Capital Economics said
that his win in this year’s presidential elections “puts Marcos
in a powerful position.”
“Given his family background and his chequered political career to date, there are
concerns among investors that
his election will fuel corruption,
nepotism and poor governance,”
Capital Economics warned.
As for managing the economy recovering from its pandemic slump, Capital Economics said that “Marcos would do
well to follow in Duterte’s footsteps by delegating the management of the economy to competent bureaucrats.”
“Marcos gave away a few policy details on the campaign trail.
But one thing he is keen to do is
to resume the ‘Build, Build, Build’
infrastructure program of President Duterte, which he hopes to
‘expand and improve.’ There is
little doubt that the Philippines
would benefit from upgrading its
infrastructure, which is rated as
among the worst in Asia,” Capital
Economics said. PDI