Duterte camp: Market jitters caused by ‘rotten’ political system

DAVAO CITY (MindaNews / 5 May) – The camp of Mayor Rodrigo R. Duterte blamed the jitters in the Philippine stock market on the “rotten” political system of the present administration and not the lack of clear economic plans of the presidential candidate.

Duterte admitted in a gathering of business leaders at the Makati Business Club (MBC) last April 27 that he is not into economy.

In a press statement issued by the Duterte-Cayetano media team on Thursday, Peter T. Laviña, spokesperson of Duterte, said that “the unprecedented mud-slinging unleashed by the administration party on Duterte has the market stunned.”

“Instead of presenting its platform, the ruling party has engaged attack dogs such as Senator Antonio Trillanes to throw piecemeal accusations against Duterte meant to pull his high ratings down in the pre-election surveys,” he said.

Laviña lamented that the media is lapping at the circus with glee without regard to its negative effect on the financial market.

“The baseless accusation that Duterte has hidden wealth in a leading bank and not reported in his SALN proved to be a dud. No less than the bank issued the denial statement,” Laviña added.

Duterte, who was guest during Pastor Apollo C. Quiboloy’s “Give Us This Day!” program dawn on Tuesday, said that he will hire economists as consultants if he becomes president.

Some of the members of the Makati Business Club were reportedly left wanting of Duterte’s economic plans when he delivered his speech during the gathering.

“They wanted me to explain economy. I’m a lawyer… My grade [in economics] was terribly low. If they are not impressed with me, I’m sorry,” he said.

The Philippine Stock Exchange index (PSEi) closed at 6,999.75 on Thursday, down by about 1.16 percent as compared to Wednesday’s 7,081.86.

Davao City Chamber of Commerce and Industry Inc. (DCCCII) president Bonifacio Tan said that Duterte, if elected into the presidency, can always hire economics consultants who can guide him on the country’s direction on the economy.

He stressed that Duterte’s focus is peace and order, education and anti-drugs.

“As of now, the press [of selecting economic advisers] is still in the process of selection,” Tan said, adding that Duterte will be hiring people who are experts in the field. “There’s no president who’s perfect right at the start,” he said.

He clarified that the DCCCII is apolitical but it is up to the members who they will vote during May 9 national and local elections.

Tan said he is expecting that the next president “should copy the good things that have been done and correct some of the deficiencies in the implementation [of policies] and budgeting of projects.”