‘Robredo’s economic policies clear, Marcos’ unclear’
A Barcelona-based think tank sees unclear economic policies of leading presidential bet Ferdinand Marcos Jr., in contrast to a detailed policy platform of his main competitor, Vice President Leni Robredo, ahead of the Philippines’ May 9 elections.
In an April 26 report, FocusEconomics said the upcoming elections are making investors jittery in many ways.
“All eyes will be on the presidential contest, which has become a two-horse race between ‘Bongbong’ Marcos, son of the late dictator Ferdinand Marcos, and Vice President Robredo. Marcos’ substantial lead in opinion polls has narrowed slightly in recent weeks,” FocusEconomics junior economist Matthew Cunningham said.
FocusEconomics said that the forthcoming elections was “already having a macroeconomic impact” as “uncertainty remains regarding the candidates’ exact policies, which is likely restraining investment.”
It did not help that “elections in the Philippines are generally decided based on the candidates’ charisma and personalities rather than their economic platforms, with the country’s mostly sound macroeconomic policy framework unlikely to change drastically regardless of who wins,” FocusEconomics noted.
“Investor perceptions of Marcos appear weak, raising market jitters; in a recent Bloomberg poll, most economists preferred a Robredo presidency given Marcos Jr.’s poor record during his six years as senator,” FocusEconomics said.
According to the think tank, “perhaps the most salient aspect of Marcos Jr.’s economic policy platform is its lack of clarity.”
Referring to Marcos, FocusEconomics pointed out that he had “refused to conduct traditional pre-election debates and has participated in few interviews.”
“The website for his candidature contains no clear overview of his policy pledges. Meanwhile, his record in office is generally considered to be poor — nearly 70 percent of the laws he pursued in the Senate were connected with festivals and holidays, renaming roads and redrawing borders of provinces and cities, according to the New York Times. This suggests the potential for lackluster governance if elected and could feed into investor uncertainty, dampening private investment,” FocusEconomics said.
In contrast, FocusEconomics said that “the policy platform of Leni Robredo—who as vice president rolled out a major anti-poverty program and managed part of the government’s COVID-19 response—contains far greater detail.”
“Some of Robredo’s key policies are cracking down on corruption, reducing red tape and strengthening the antitrust watchdog in order to improve market competition and the ease of doing business. Her pledges also include boosting investment in climate change adaptation and high-tech companies—suggesting a forward-looking agenda—plus beefing up the unemployment insurance scheme,” it noted.
