Asia St: New Philippine Government Unveils Ambitious Agenda

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New Philippine Government Unveils Ambitious Agenda

July 1, 2022

President Ferdinand “Bongbong” Marcos Jr. (Photo Credit: Wikimedia Commons).

The BGA Philippines team, led by Managing Director Dindo Manhit, wrote an update on the inauguration of new President Ferdinand “Bongbong” Marcos Jr. which took place June 30. The update examined the context for the inauguration and the future implications relevant for clients and other interested stakeholders to watch in the coming weeks and months.

Context

  • The Philippines inaugurated Ferdinand “Bongbong” Marcos Jr. as its 17th president on June 30. The inauguration came after his election victory which positioned him as the successor to outgoing President Rodrigo Duterte.
  • In his inaugural speech, Marcos Jr. sketched out the broad contours of his economic plan and identified the sectors and issues he plans to prioritize. Thematically, Marcos Jr. called for unity and an independent foreign policy.

Significance

  • Marcos Jr. suggested he may look to revive government policies under the regime of his father, Ferdinand Marcos Sr. The new president frequently harked back to the way government affairs were carried out under Marcos Sr., framed his father’s rule as the golden age of infrastructure and pledged that he would follow in his footsteps.
  • He suggested that a comprehensive economic plan is in the works. Marcos Jr. promised to guide the country through a post-pandemic economic recovery and on a path to “build back better.”

Implications  

  • Businesses can expect Marcos Jr.’s presidency to focus on economic recovery and revival. The details will become clearer in the coming weeks, with additional policy specifics and moves made by newly-appointed officials.
  • Marcos has also suggested that specific sectors that may be of focus in his administration. These include food and agriculture, energy, education, health care, and the environment.

BGA will continue to keep you updated on developments in the Philippines as they occur. If you have any questions or comments, please contact BGA Philippines Managing Director Victor Andres Manhit at vmanhit@bowergroupasia.com.