Upon Trumps unprecedented win in the U.S. presidential elections, economic uncertainties have plague the international economic scene which includes the Philippines. Trump’s Pro-Americanism rhetoric stroke fear particularly within the Philippines BPO sectors which is one of our major GDP contributor.
According to John Forbes, a senior advisor of AmCham Philippines, it will difficult to place restriction on Private Corporation such as most BPO sectors which are invested in the Philippines. According to COL financial, the difference in the average salary between $10/hour to $2/hour is hardly negligible for BPO industries to bring the BPO Job back to the America. Most economist speculate that Trump’s Americanism economic policies will be geared more towards the manufacturing sectors which Philippines are not vulnerable to.
In an ANC interview with Dr. Marc Faber (economist and author of Gloom Boom and Doom), President Trump will refocus America’s energy towards business rather than war. The Philippine China Pivot was inevitable. All Asian country including Australia and New Zealand have become China-centric. In case of the Philippines, most major export no longer go to the U.S. because the #1 export destination is China. Most tourist in the Philippines come from Asian country like China, Japan and Korea. Asia will become more dependent economic-wise on China whether they like it or not.
For now we have to observed a status quo attitude for most Filipino and not give-in to fear, until the President Trump makes his economic policies concrete. Philippines Economy, like the FILIPINOS, is resilient to challenges and I believe we can weather thru this storm as we usually do.