Japanese investment bank Nomura said in a commentary that the Marcos-Duterte clash is among the ‘mix’ of external and domestic sources of risks to the economy, along with weaker global growth, escalating tensions in the West Philippine Sea, and resurgence of oil and food prices.
“Domestically, a weak result during the midterm elections for the administration and its allies could reignite political risks, as well as a continued intensification of the conflict between President Marcos and Vice President Duterte,” Nomura said.
What was once known as the ‘Uniteam’ alliance, whose only campaign platform was so-called ‘unity’, prematurely broke up after Vice President Sara Duterte verbally attacked President Ferdinand Marcos Jr., amid the congressional scrutiny on the use of confidential funds by the Office of the Vice President. The House of Representatives is presently under the control of those allied with Marcos Jr.
The feud has escalated further, after Duterte said in a press conference that she had asked someone to kill the President, the first lady, and the Speaker of the House if she dies. That reckless outburst has been cited in an impeachment complaint filed by progressive political groups against the Vice President.
Economists and economic managers who are working to bag an ‘A’ credit rating for the Philippines say they remain undeterred by the political noise, but any noise, especially between the most powerful government positions and political dynasties in the land, can have a negative effect on any growth and progress that had been achieved and that we are trying to achieve further.
Sometimes noise is necessary, especially if noble causes such as human rights, accountability, freedom, or democracy are being defended. However, when political squabbling over the survival of their respective dynasties is the source of the noise, such is bound to do more harm than good. We should be entering another period where our government institutions will be tested if they are strong enough to withstand the noises that our own elected officials are generating for their own selfish ends.
Hopefully it is just noise that goes away. If it is not, then we will have to brace ourselves for the damage that it can bring.*
