Political instability detrimental to economy —Neda chief

MANILA, Philippines — Political instability can hurt the economy, said National Economic and Development Authority Secretary Arsenio Balisacan in a briefing on Wednesday.

Shortly after reporting the Philippines’ 2023 economic growth, Balisacan was asked how recent political controversies could impact the economy, referring to the high-profile word war between former President Rodrigo Duterte and President Ferdinand Marcos Jr.

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Balisacan was reluctant to answer, insisting that the focus should be on the economic report. However,  he said political instability in any country can hurt its economy.

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“Thus, you want to ensure that stability is maintained because at the end of the day, it’s what determines major decisions in relation to investment,” he said.