Investors in the Philippines have no need to fear. The new administration isn’t going to get rid of economic programs that are working.
In a briefing held by Carlos Dominguez — Davao City Mayor Rodrigo Duterte’s campaign finance manager and a key part of the incoming president’s transition team — said that the Duterte administration will continue the macroeconomic policies of the outgoing administration of President Noynoy Aquino.
“The briefing by Dominguez appeared to be aimed at investors nervous that the brash Duterte would undo Aquino’s market friendly economic agenda that has helped drive economic growth above 6 percent over the last six years,” report Norman P. Aquino and Ian C. Sayson on Bloomberg.
Dominguez was quoted as saying, “We will continue and maintain the current macroeconomic policies.” He added that the new government would “enhance competitiveness and follow the Davao City model that Duterte instituted.”
The report said that Dominguez “is favored to become finance secretary.”
Dominguez further explained that the new administration “would index income tax and social welfare payments to inflation to benefit low income earners, and provide more welfare assistance to poor people who live in rural areas.” He also said the Duterte administration “would go after smugglers as part of its anti-corruption drive.”
