Politics

Marcos faces pandemic scars, P12-trillion international debt – Salceda

‘Anyone who assumes within the presidency could have a tough time as a result of we’re coming into stagflation,’ says Joey Salceda, the reelected Albay lawmaker. Stagflation says is a mixture of excessive inflation charges and gradual financial progress.

LEGAZPI CITY, Philippines -Presumptive president Ferdinand “Bongbong” Marcos Jr involves energy with the Philippines’ pandemic scars, the excessive inflation brought on by the Russia-Ukraine battle, and a P12-trillion debt presenting main assessments to his management talents, Albay lawmaker Joey Sarte Salceda instructed Rappler in an interview on Wednesday, May 11.

“The next administration is facing a big problem with a P12-trillion international debt. Globally, the economy is slowing due to COVID debt scars while commodity prices are rising due to supply chain and production issues due to Russia -Ukraine. We need all hands on the paddle to get the canoe out of the storm,” Salceda mentioned after he was proclaimed on the Sangguniang Panlalawigan of Albay.


Marcos faces pandemic scars, P12-trillion international debt – Salceda

“Anyone who assumes in the presidency will have a hard time because we are entering staglation,” Salceda instructed Rappler in a mixture of Filipino and English after his proclamation on the Sangguniang Panlalawigan of Albay. He defined stagflation as a mixture of excessive inflation charges and gradual financial progress.

“With the P12 trillion debt overhang, the first best strategic way out of the national problem is focus the limited budget on agriculture (to contain inflation) and social services (safety nets) and get growth (GDP) from foreign investments,” the re-elected lawmaker of the twond district of Albay mentioned, including that he mentioned the identical factor throughout his dialog with Vice President Leni Robredo on Wednesday.

Robredo would have been the most effective chief for the nation at the moment since international traders belief her, however Marcos was given a mandate with highest votes in half a century of presidential contests, Salceda mentioned.

On Tuesday, May 10, inventory costs slumped with partial, unofficial election tallies pointing to a Ferdinand Marcos Jr. presidency, with media shares among the many largest losers, maybe a mirrored image on the the presumptive president’s dramatic efforts to shun the media throughout his marketing campaign.

But the lawmaker mentioned Marcos’ enormous mandate “can also be mobilized for smart policies to offset foreign investors’ concerns about him and his father’s rule.”

Addressing viral social media posts claiming rice would go all the way down to P20 per kilo below a Marcos presidency, Salceda mentioned that would solely occur if the nation imports rice from Vietnam with out imposing taxes. That, he identified, would kill 3.4 million Filipino rice farmers. – Rappler.com

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