The next president of the Philippines will have his or her hands full after the May elections. The next top chief executive will have to revive an economy smashed by the pandemic, and restore millions of jobs lost during the health crisis.
President Rodrigo Duterte and his Cabinet did their best to keep the economy rolling despite mobility restrictions that shuttered many commercial establishments, kept foreign tourists away and barred in-person classes. The administration borrowed tons of money to finance the vaccination of the population and give aid to the poor to help them survive the fallout from COVID-19.
The battle against COVID-19 may be reaching the endgame and the Philippines must pick up the pieces. The Duterte government is offering the next administration a plan to resuscitate the economy and bring it back to its growth path. The next president may take his or her cue from the 10-point policy agenda aimed at speeding up and sustaining the country’s recovery from the COVID-19 pandemic.
The agenda does not contain a magic formula. It is essentially a response from the havoc inflicted by COVID-19 on the economy, and contains the steps in the form of medium-term solutions that will ensure the country’s resilience against future pandemics.
The next president will have the task of fully reopening the economy and preparing the nation to a new normal. Strengthening the health care capacity must be the priority to successfully respond to a new pandemic and limit its damage to the economy. The elimination of mobility restrictions should also be the goal of the new administration to rev up the economy.
The next chief executive must also stay the course. The Philippines earned plaudits from international credit rating agencies after increasing its revenues and keeping the fiscal house in order. It kept inflation at bay, built a healthy gross international reserves to keep the peso currency stable and achieved political stability.
Strong macro-economic fundamentals by way of low inflation and interest rates, reduced unemployment, a competitive currency, higher foreign investments and diversified exports will be the key to recovery. They will overcome economic and geopolitical turmoils and ensure growth.
