The Philippine economy is expected to remain stable this year, despite challenges such as political noise and global risks. Economist Michael Ricafort noted that the impact of the former president Duterte's tenure on the economy has been minimal. According to him, key factors that could affect the country's economy will be stricter immigration rules, which may reflect on the movements of some migrants.
"These policies can affect global trade, especially with the Philippines," he noted. Despite these challenges, Ricafort emphasized that as long as the fundamental economic and business foundations of the country remain solid, efforts by the government to attract more investors should not suffer.
He also pointed out that the country's credit ratings remain solid, despite political tensions and geopolitical problems, such as disputes between China and the Philippines. Nevertheless, risks are increasing due to the protectionist policies of U.S. President Donald Trump, which may significantly reflect on economic growth, slowing global trade, investment, and employment opportunities.
Overall, economic growth is likely to remain limited at this point.
