CHIZ: PH ECONOMY TO REMAIN STRONG DESPITE POLITICAL NOISE

SENATE President Francis “Chiz” Escudero on Wednesday expressed confidence that the Philippine economy will remain strong despite the ongoing political developments.

The leader of the Senate made the remarks as the nation remains divided over former president Rodrigo Duterte’s ongoing trial at the International Criminal Court (ICC).

Escudero said he is confident the ongoing political noise will have a minimal impact on the economy as economic foundations remain strong.

He pointed out the strong democratic processes in place that will safeguard the Philippine economy from major disruption.

“This demonstrates the stability of our economy notwithstanding the political noise,” he said.

In fact, according to Escudero, the Philippines continues to be among the fastest growing economies in Southeast Asia, even growing at a faster pace than Singapore, Thailand and Malaysia.

“Palaging may epekto ang anumang ingay sa politika sa mga negosyante. Magpepreno ng kaunti, magpipigil-pigil ng kaunti, pero sana habang naiibsan ito, habang humuhupa ito, habang lumilinaw kung ano ang mangyayari sa mga susunod na araw, buwan at linggo, huhupa rin ang pangamba ng mga negosyante at manunumablik ang kanilang pamumuhunan sa ating bansa na lubusan nating kailangan sa panahong ito,” said the Senate leader.
 

Escudero noted reports on the easing of inflation rate to 2.1 percent last month, the economy’s steady gross domestic product (GDP) growth of 5.6 percent in 2024, and the healthy inflow of foreign direct investments amounting to US$8.9 billion the previous year.

He also mentioned the bullish outlook for 2025 due to lower inflation and higher consumption and investments that are key indicators pointing to the “stability of the current administration and strong business confidence in the Philippines.”

Escudero expects “emotions to tone down once there is greater clarity on the events that transpired recently” over the next few weeks.

“What is important is that the legal processes are being followed and the people, whatever their political or personal inclinations may be, are allowed to express their sentiments and grievances,” he said.

He added that  it is the right of our citizens to petition the government regarding their grievances, the right that is  guaranteed by the Constitution.

“At para sa akin marapat lamang na payagan at pahintulutan ‘yon na sinabi naman ng gobyerno na papayagan at papahintulutan nila … basta’t mapayapa ‘yung mga pagtitipon na ‘yon,” Escudero further said.