The answers to this are always political, but it's essential to strike a balance and impartiality. The choice of leaders Filipinos made in the recent 2022 elections would affect the Philippines' local economy and foreign investment. This is because of policies that need to be focused on in the immediate future. With clarity of plans, investor confidence will increase.
However, according to International Investment Banker Stephen Cuunjieng in his interview with ANC, "nobody cares internationally; we're a rounding error. That's the bad news and good news. We're not that important. We're not a great source of exports; we're not a great source of imports; we're just an exporter of people. Never mind how we matter to the outside… Let's obsess with what we deliver for ourselves: for our people." His answer when he was asked if the results of the recent elections, in a way, damaged or hurt the Philippines' credibility to foreign investors.
Political economist Calixto Chikiamko appreciates the rapture created by former Rodrigo Duterte's Presidency, "He has done the most economic reforms of a president. I think he failed in energy security. Our reserves are quite thin. The performance of Agriculture under his wing is not very good. there has been under accomplishment in terms of our infrastructure objectives…."
Given these testimonies, the Philippines must then focus on informing the public of the significant challenges this country has to resuscitate from.
Energy Security
The danger of frequent brownouts lessens the confidence of investors. The rising cost of fuel dramatically affects the country's energy price. The Philippines is one of the countries in Southeast Asia with the highest power rate. Thus, BBM's aim towards the possible restoration of the Bataan Nuclear Power Plant would be a sound decision, given the country's high public debt—Filipinos need to do with what we currently have. Another boost the President is eyeing is the further utilization of solar power since it's what the Philippines is so abundant of
Food security
The global shortage of food and fertilizers in the economy should be taken seriously. As the Russia-Ukraine war still affects the Philippine food supply, this can have a major impact on global food production, especially for developing countries that rely heavily on imports for their food supply.
The global shortage of food and fertilizers is causing an impact on the economy. In addition to this, many farmers have been affected by the global shortage-caused food crisis. The world's population is projected to reach 8 billion by 2030. This will undoubtedly increase the demand for food commodities.
Back in August 2021, the Philippines' Department of Agriculture (DA) alarmed the masses about the "critical" shortage of farmers. Agriculture Secretary William D. Dar has tapped on the role of the younger generation in innovating and developing Philippine agriculture.
University of the Philippines in Los Baños found that the average age of Filipino farmers is around 53 years old. This heightened the country's need for young leaders in the field of agribusiness and food security. Agribusiness How It Works YouTube Channel with 821,000 subscribers helps inspire farmers of all ages to see farming as a business with the highest purpose and to educate people about its lucrative potential with the proper training and careful planning.
Healthcare
Universal healthcare was already part of the past administration's focus. However, there is still a lot to improve in quicker responses and ease of providing insurance benefits to all Filipinos.
Quality of education
The pandemic tested people's flexibility of skills, especially technology. Young people were forced to stay home due to the pandemic and were also challenged to manage themselves while online classes were imposed. The effect on their quality of education has yet to be observed despite the already decrease based on surveys in southeast Asian nations.
The goal is to vet the most talented people of the country, nurture them, and get them to stay for better nation-building. With this information, all Filipinos are expected to do their part since the country faces challenges. The quality of education received does not solely rely on the educators' abilities but also on the younger generations' dedication to their ideals.
What about the market?
Philippine Stock Exchange President Ramon Monzon said that foreign investors are on wait-and-see, and a rally in the equities market might be a challenge after Ferdinand R. Marco, Jr, had won the Philippine elections.
In an interview with Bloomberg TV, Monzon said, "The new economic team has a lot of hard work in front of them," as he cited the nation's record debt and the need for new revenue sources.
Alfredo Pascual, President of Management Association of the Philippines, in an interview with ANC 24/7, says he imagines PBBM to bring a cohesive team of technocrats who would help him work on the issues of jobs and immediate problems with longer-term health.
April Lee Tan, COL Financials' Head of Research, says, "… it's too soon to say that the market doesn't really like a Marcos Presidency… it's not conclusive that a certain president would lead to the market's strong performance."
With regard to real estate, the market has become bullish since the start of 2022, which signals a better recovery for the Philippine economy. This also serves as an indication for Filipinos to start reconsidering condominium properties as sound investments. The uncertainty brought by the recent happenings around the world would prompt people to secure tangible assets that could save them from erratic market inflation.
Also Read: Impact of Proclamation of the New PH Government to Economy
Filipinos are more financially-educated since more investment professionals share important ways to build and secure wealth. This includes a continuous search for sound investments, understanding risk appetite, getting into insurance investing, and having real estate as part of their portfolio. It will not only get them a few steps ahead but would also ensure an apparent skip in the social classes.
Also Read: 2022 Philippine Election: Voting Guide Amidst Pandemic
Vista Residences Inc. partners with local and foreign investors so that they can invest in a condominium property and make it a secure source of revenue by renting out the property. The company has been delivering top-tier quality properties such that it has built an exceptionally well-known track record in the Philippines.
For more information on Vista Residences, email [email protected], follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and YouTube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.
