Outlook under Biden
Black and Brown communities and entrepreneurs will enjoy new opportunities in business under the Biden presidency. For example, low-interest business loans will be made accessible to them through lending programs.
When Joe Biden was confirmed as the next US president, investors responded positively, which led to a surge in Philippine share prices. After all, many believe that his administration will offer some relief to organizations and individuals who have been struggling with the economic repercussions of the pandemic.
As far as the Duterte administration is concerned, the Philippines is confident that we will continue to have a “close and friendly” relationship with the US under Biden’s leadership. This is according to Presidential Spokesman Harry Roque.
Carlos Dominguez, our secretary of Finance, affirms this position, believing that trade relations, cooperation, and investment opportunities will open up for both countries as Biden promised to “repair [its] alliances and engage with the world once again.”
Some experts believe that the Uschina trade war will begin to ease up and that the new president will do something about Trump’s policies on immigration. This bodes well for the local economy as more jobs— including opportunities in the BPO sector—and remittances may arise out of the changes.
During Joe Biden’s campaign, he talked about ways by which he plans to restore the US economy and help the country recover from the effects of the pandemic. His strategy includes opening up more job opportunities, increasing racial equity, and bringing life back into the economy.
One of his plans for his Day One was to get the Covid-19 crisis under control. Biden talked about increasing testing sites and hiring more people to do contact tracing. He also wants to infuse more funds into the manufacture and distribution of vaccines so every American will get free access to it.
At least 5 million is the number of manufacturing jobs that the new president plans to create. That means investing billions of dollars in procurement, research, and technological advancement so more American products and services will become in demand around the globe. On top of this, Biden said he will also raise the federal minimum wage.
Black and Brown communities and entrepreneurs will enjoy new opportunities in business under the Biden presidency. For example, lowinterest business loans will be made accessible to them through lending programs.
And unlike Trump, Joe Biden intends to take the issue on climate change very seriously, signing an executive order on his first day for the US to rejoin the Paris climate agreement. This is Biden’s first major action tackling global warming.
The US president intends to undo many of the past administration’s policies on the environment. He believes that quick action is necessary, as well as the inclusion and support of scientists in the work to fight climate change.
These are just a few of Biden’s numerous plans and strategies, which, of course, seem positive and beneficial for our own country and people. We continue to hope that the change in leadership will somehow lessen the economic burden of the global community.