Business confidence in presumptive president Ferdinand “BongBong” Marcos Jr. is rising despite persistent protest from her closest rival, who refused to concede, yet to be defined economic policies and other political and economic pressures.
Financial adviser to President Rodrigo Duterte, Joey Concepcion, on Friday said the overwhelming mandate given to Marcos Jr. presents a greater chance for inclusive progress for the country.
“The record 31 million votes, it’s a huge factor. We have not seen that in an extremely long time. It was a clean and honest election. The untoward incidents are very few, and the results matched the various surveys. From my point of view, the underprivileged have been heard. Many cast their votes, maybe because they see that there’s big hope under him,” Concepcion said during the Laging Handa Public Briefing.
Also, Concepcion shared that he had advised the incoming president that growth must be inclusive, which should be poured primarily into the micro, small and medium enterprises (MSME).
“Most businesses here are MSME — 99.5 percent — and they provide more than half of the jobs in this country. Helping these small enterprises will be important considering several challenges that await the new administration,” he stressed.
Further, Concepcion pointed out that necessary capital expenditures and pandemic spending pushed the national debt to P12.68-trillion. The debt-to-gross domestic product ratio stands at 63.5 percent, nearing the highest level since 2005.
Apart from the looming stagflation of rising commodity prices due to the Russia-Ukraine crisis, that can also dampen growth.
“If prices of commodities pile up, the purchasing power will be affected and sales. That’s when stagflation happens,” he emphasized.