Pulling rabbits out of hats

Like a magician doing a magic rabbit hat trick, President Ferdinand Marcos Jr. must be pressing the right buttons in his turn at the presidency. Since assuming office over six months ago, the younger Marcos has shown that he can make the most out of seemingly dire situations and even bring the country’s agenda and visions to larger platforms. Marcos’ visits to Indonesia, Singapore, the United States, Cambodia, and Thailand, according to the Department of Trade and Industry, yielded $23.6 billion in investment pledges as the administration geared towards aggressively attracting more foreign businesses to come to the Philippines.

In a tumultuous 2022 that saw his call for unity winning the heart of the public, Marcos used his massive political capital to overwhelm the challenge of the economic fallout brought about by the Covid-19 pandemic and the Russia-Ukraine War.

Despite the ongoing economic concerns on the heels of surging inflation, the Philippines saw a

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While saying the maritime issues don’t define the totality of the Philippines’ relationship with China, he acknowledged the importance of the contentious issue.

recovery in economic activity in 2022 through policies that helped stabilize the economy and spurred growth, including better health protocols, ongoing reforms as well as appropriate monetary and fiscal policies.

To stem the surging inflation and the declining peso, his economic team raised the key policy rate by 350 basis points, resulting in bringing back the peso-dollar exchange rate to P55 to P56 to a dollar after reaching as high as P59.

All things considered, Finance Secretary Benjamin Diokno said the Philippines did well in 2022, politically and economically.

Marcos likewise consolidated his power in the House of Representatives as well as the Senate which acted swiftly to pass several measures, among them the SIM Card Registration Act and the postponement of the Sangguniang Kabataan and Barangay polls, actually the first two bills he signed into law.

With the passage, too, of the P5.268 trillion national budget for 2023, the Marcos administration expressed hope that it will be able to achieve its goal of lifting more Filipinos out of poverty. After signing the law on 16 December, the President said the budget will provide the government with a tool to transform the economy and carry out the needed structural changes towards realizing those goals.

Showing he knows and acts on the needs of the common masses, the President suspended the implementation of the premium contribution hike of PhilHealth until such time that the inflation is down to “a more comfortable level.”

The suspension means a lot to a public burdened with the daily cost of expenses at a time when high inflation is affecting everything from food to fuel.

Last Tuesday, the President left for Beijing, China for his first state visit outside of Southeast Asia and his first foreign trip this year. He said he will raise important issues affecting the country’s bilateral relations with the world’s second-largest economy including the disputed waterway that is the South China Sea.

Marcos’ short three-day visit comes at a time when Covid-19 cases are resurging in the Mainland and following tensions brought about by the latest maritime incidents in the West Philippine Sea.

While saying the maritime issues don’t define the totality of the Philippines’ relationship with China, he acknowledged the importance of the contentious issue.

His visit is expected to yield $215 million in grants as well as agreements on agriculture, trade, renewable energy, and tourism.

More than the bilateral deals that will be made, what is being keenly awaited is how he will be able to forge a binding agreement with his Chinese counterpart Xi Jin Ping that would minimize tension and maintain stability in the disputed waterway.

Will the president be able to pull off another rabbit out of his magic hat?

In a tumultuous 2022 that saw his call for unity winning the heart of the public, Marcos used his massive political capital to overwhelm the challenge of the economic fallout.