LOCAL think tank Action for Economic Reforms warned on Friday that a Marcos presidency would spell disaster for the Philippine economy.
It said in a statement that this year’s elections are a turning point for the country, and that given the global pandemic’s profound social and economic impact, the next president must have concrete strategies in place to limit Covid-19 risks and support the country’s economic recovery.
“Unfortunately, if polls and surveys would dictate the actual results, the country’s economic future is now in terrible jeopardy. Ferdinand ‘Bongbong’ Marcos Jr. has led electoral surveys, and this spells trouble for everyone,” AER said.
It said according to a Bloomberg survey of 28 investors and analysts, Marcos Jr. had the second lowest score of the five candidates considered, with a score of 46, compared to Vice President Ma. Leonor “Leni” Robredo, who received the highest score of 105 among the contenders.
The research organization pointed out that analysts, investors, and economists can all see red flags in a potential Marcos presidency.
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“The son is a much inferior version of his father, however, as Marcos Jr. has an unclear economic platform which depends on the empty rhetoric of ‘unity’ rather than any concrete plans or policies,” AER said.
Fiscal irresponsibility and corruption, growing debt, a downgraded credit rating, decreased investment, shrinking remittances, worsening poverty, and failing economic performance are among the risks associated with a Marcos administration, it said.
“In light of all these, it is no wonder that markets and investors are apprehensive regarding Marcos Jr.’s presidential campaign,” AER said.
He has avoided presidential debates and has refused to answer tough questions. This is hardly the kind of leadership that inspires trust in an uncertain economy, AER added.
The perils of a Marcos Jr. presidency