MANILA, Philippines – The Philippine stock market performed well, experiencing a 3% increase in the first three days after the national elections as it became steadily clear that tough talking Mayor Rodrigo Duterte would win by a landslide.
The developments are an indication of investor confidence, as CNN Philippines reports that American investment bank JP Morgan has lauded Duterte’s “explicit commitment” of the current macro-economic policies. “We believe that financial markets will welcome the explicit commitment of the incoming administration in keeping the current macro-economic policies, particularly its focus on infrastructure,” JP Morgan said.
Now, a week after the elections, presumptive president Rodrigo Duterte has declared that “Change is Coming,” but many people feel that Duterte has only made ways for the outgoing adminisration’s “Daang Matuwid” program to continue.
Recently the Davao city mayor has declared that he will just continue Aquino’s economic program, saying that “nothing is wrong with it” and that “why fix it if it’s not broken?”
Response to this from the public is varied. Journalist and TV anchor Teddy Locsin announced on his Twitter account that Duterte’s economic platform was nothing new and would have worked just as well under a Mar Roxas administration. The latter also joked with followers that Roxas would have done better if only for his better looks.
Former Department of Interior and Local Government secretary Mar Roxas was the outgoing administration’s bet and the Davao mayor’s most bitter rival during the elections. Roxas came up to second place during the partial and unofficial count.
Many feel confident that Duterte’s administration will do well as it will be inheriting a good economy. Philippine stocks have more than doubled under the Aquino administration and Filipinos are quick to hope this will continue under the tough talking mayor’s leadership. Netizens however are divided on the news, saying that credit should be given where credit is due while others feel like the economic growth only benefited the wealthy sector and not the poor.