The BGA Philippines Team, led by Managing Director Victor Andres Manhit, wrote an update for clients on the recent upswing in public opinion amid government efforts to boost economic growth.

Context

  • The Philippines has faced socioeconomic challenges caused by the COVID-19 pandemic, the conflict between Russia and Ukraine and internal issues on corruption and structural change.
  • Despite these challenges, consumer and business sentiment on the Philippine economy are improving, thanks to the emergence from COVID-19 and new opportunities for employment and growth.

Significance

  • A nationwide survey conducted by Pulse Asia Research Inc. shows that at the end of the first quarter of 2023, Filipinos were highly concerned about economic matters. Their most urgent national concerns were controlling inflation (63 percent), increasing worker pay (44 percent), creating jobs (30 percent), reducing poverty (28 percent) and fighting graft and corruption (26 percent).
  • Department of Finance Secretary Benjamin Diokno said the Philippine government aims to revisit certain sectors such as mining, electronics and energy. Policies in these sectors will be enhanced to benefit the economy and will be aligned with emerging trends in the world economy.

Implications

  • Executive Order No. 18, issued by President Ferdinand “Bongbong” Marcos Jr. in February, mandated the creation of green lanes for strategic investments. This policy development will improve the ease of doing business in the Philippines.
  • Businesses were optimistic about the Philippine economy in the first quarter, based on the findings of the BSP’s latest Business Expectations Survey. This positive outlook on the economy is expected to continue through the second quarter of 2023.

We 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.

Best regards,

BGA Philippines team

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Managing Director

Dindo is recognized as one of Manila’s most well-connected and savvy advisors on developments in government and business in the Philippines. Concurrent to his role as managing director for BGA’s operations in the Philippines, he is also the founder and managing director of the Stratbase Group and president of its policy think tank, the Albert del Rosario Institute for Strategic and International Studies. Since 1991, Dindo has served as a member of the faculty and is the former chair of the Political Science Department and a senior fellow of the La Salle Institute of Governance at the De La Salle ... Read More