While most investors who are familiar with the political cycle of the country have discounted the incendiary noises, there remains a risk that the disruptions will affect the decisions of those considering long-term engagements.

The country is on the cusp of an economic resurgence, which is what the recent positive outlook of Standard and Poor’s Global Ratings meant. It is expected to pave the way for the much-coveted A-rating that a few years back the country couldn’t even dream of.

S&P credited the above-average growth potential, effective policymaking, fiscal reforms, improved infrastructure and policy environment, and solid external position as key factors for the improved rating.

Economic managers said the developments may also, in part, reflect the country’s on-track fiscal consolidation plan, the recent passage of the Create More and PPP laws, and sufficient buffers to ensure unhampered strong growth, supported by its robust consumer base, past structural reforms, and steady inflows coming from overseas remittances and BPO receipts.

Chief Presidential Legal Counsel Juan Ponce Enrile implored the protagonists in the ongoing political drama: “Let us be very careful about the matter. So much is involved! So many people are going to get hurt! The whole nation is at stake,” he said.

“Why don’t we wait for the mid-term elections next year? If we want a regime change, why don’t we wait for the national elections in 2028? Or are we that impatient that we want to have the political power now,” the veteran public servant said.

“Let us be more clear about what we want. Let us bring it out into the open and debate it, and let the whole society decide. Let us be very careful about the matter. So much is involved!” he repeated.

Economic managers noted that the economy has proven time and again resilient against both domestic and external challenges.

“Hence, it is business as usual for the Philippine government. President Ferdinand R. Marcos Jr. is currently in the United Arab Emirates for a one-day official visit to strengthen our partnership with the UAE, while the Senate is concluding its deliberations on the 2025 National Expenditure Program,” the heads of economic agencies indicated in a statement.

Worries remain, however, over the overall impact of the ongoing friction.

A stock trader noted that the high-level skirmishes raise concerns about political stability ahead of the mid-term elections next year.

“While public squabbles are not uncommon in Philippine politics, such a visible discord within the administration could signal deeper factionalism,” according to AP Securities.

The worry is that the conflict will spread to the streets which could prompt public protests or legal disputes, thus more noise.

The squabbles are happening at a time when foreign investors have turned more cautious towards the Philippines as evidenced by the net outflows this month. Any perception of political instability could further weigh down sentiment on both the peso and local equities and exacerbate the current trend (net foreign selling).

Stocks with bigger market capitalization and that are more liquid are usually the first to be hit by foreign selling such as banks, properties and conglomerates.

The economy was cursed with a boom-and-bust cycle that featured a string of high-growth years followed by successive low growths that kept the nation from achieving its development potential.

Indicators point to the country being on a roll in terms of meeting development targets, putting it on track for the targeted seat.

The cry of many: Don’t spoil it!