ING: Next Leader Inherits A Robust Economy But Plenty Of Headwinds

ING note that “although the Commission on Elections has yet to proclaim a winner in the recent Presidential Election, unofficial election returns point to a win by Ferdinand Marcos Jr. The next president inherits a robust economy as Q2 GDP growth will likely show another healthy expansion delivered by election-related expenditure. On top of a robust economy, Marcos will enjoy a substantial amount of political capital to begin his term, as his senate is set to secure 11 out of the 12 seats in the upper house. A majority mandate on top of sizable political capital opens the door for opportunities for Marcos to implement substantial economic reforms early on in his single 6-year term.”

• “The investor community now awaits Marcos’ cabinet picks, in particular, the composition of his economic team and his plans on how to address key issues such as accelerating inflation and debt consolidation - Marcos inherits a sizable amount of debt from his predecessor.”