The Department of Finance (DoF) and local economists are optimistic that US newly-elected president Joe Biden’s presidency will have a positive effect on the Philippine economy.
DoF Secretary Carlos Dominguez III quoted a part of Biden’s inaugural speech – “We will repair our alliances and engage with the world once again,” saying that this “bodes well for a return openness to international trade and investment, which will undoubtedly redound to our mutual benefit.”
Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort believes that the Biden presidency will play a part in the increase of the Philippines’ exports and imports. Ricafort said that this change of leadership “would help support increased global trade, especially free-trade agreements, [or] at least [fewer] protectionist policies and possibly less US-China trade [tensions].”
Security Bank Corp. Assistant Vice President and economist Robert Dan Roces further noted that Biden’s “support to businesses from a stimulus should also benefit our BPOs, [which] could get more job orders. And of course, the extra cash will let our OFWs send more money home.”