Market’s take on Du30’s first year
Last Friday was the last trading day for the month of June. It also marked the market’s end of the second quarter and the first semester of the year.
Significantly, too, it marked the first full year of the Duterte administration—the subject matter now at the center of critical evaluations by pundits and various interest groups, most notably the investing public.
At the crux of this examination is the question: What exactly has been accomplished by the Duterte administration in its first full year in power?
Swept into power by a popular campaign promise of “bringing real changes,” President Duterte personally committed to bring about radical and fast improvements in the country’s peace-and-order situation that will especially raise the people’s level of personal security and feeling of safety, to put a permanent solution to the terrible traffic problem, bring about more sustained growth in the economy, good governance and faithful civil service, and an independent foreign policy that will enhance national interests.
If we are to listen to the critics, none of these major promises by the Duterte administration has been accomplished, even partially.
To critics, the war on drugs, which is the President’s main platform in fighting criminality, is simply unacceptable. It’s too bloody and promotes the culture of death, they say.
Critics even cite the government’s own statistics as proof. To them, the program has produced 9,000 deaths and still counting. This is the highest number of casualties in a single criminal drive in police history.
Of the death toll, a third were supposedly killed from official police operations. The rest, which the police has labeled as “deaths under investigation” (DUI), are nothing but extrajudicial killings “sponsored” by the government, critics insist.
Yet, the drug problem is far from being stumped.
On the traffic problem, critics say, the government is moving too slow. A year has been wasted—the big plans announced earlier have yet to see action. Avid critics are now calling for the resignation of Mr. Duterte’s main man in the Cabinet.
Critics say the economy is even losing its footing. They contend the low growth rate registered in the first quarter is a clear example. It was below many analysts’ expectations and the lowest quarterly expansion in a year.
Programs designed to bolster the economy are still up in the air, too.
Critics also say the fighting in Marawi and increased military activities against other terror and rebel groups such as the Abu Sayyaf and the New People’s Army in Mindanao and elsewhere in Palawan and the Visayas will also weigh down on the economy’s vitality.
They also claim of widespread incompetence in government in keeping its promise to provide more employment and to put a stop to the “endo” practice. Not enough effort has been made, too, supposedly in seriously thwarting corruption.
What the Duterte administration has so far managed to accomplish in pursuit of an independent foreign policy, is to alienate its traditional allies and benefactors like the United States and the European Union, they say.
Critics laugh at the government’s situation in its military operations against the Maute terror group in Marawi City. They say the administration, in the end, even has to reach out to the US for tactical assistance.
Yet, the Duterte administration is forging ahead with trade and financial agreements with China, which critics say will prevent the President from fulfilling his campaign promise of planting the Philippine flag in the Spratlys, so to speak.
Bottom line spin
Malacañang came up with a long list of accomplishments last week. You will surely hear more about them at the President’s State of the Nation Address (Sona) on July 24.
Based on latest surveys, however, the general public gave the President a high satisfaction rating of 75 percent. While this is lower than his previous satisfaction rating for the first six months ending December 2016, it still speaks volumes on the administration’s popularity.
Meanwhile, the market’s continued bullish outlook is a sign of its satisfaction and trust in the ability of the President and his team in delivering, given more time. Maybe, one year is not enough.
As what has been said, material results often need two years of work—much like earning a Master’s degree in most disciplines.
