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IBON: PBBM needs to fix old econ problems with new policies

July 02, 2022 - Saturday 8:07 PM by Patricia Francia Lachica

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Think tank IBON Foundation said that the administration of President Ferdinand “Bongbong” Marcos, Jr. should fix the “old economic problems” left by his predecessor.
The group emphasized that the "conventional market-oriented policies, even during the pandemic" left the country's economy "in shambles."
"Incoming president Ferdinand Marcos Jr has not been very specific about his plans for the economy. Still, it is already clear that his administration will continue with the Duterte legacy and failed neoliberal policies instead of reforming these," said the research group. 
According to them, the economy and job generation were "slowing even before the pandemic." IBON further reported that the agricultural sector shrank to its smallest economy share. 
Likewise, they added that the number of poor Filipino households without savings is rising, resulting in more Filipinos struggling to recover from the previous lockdowns in the pandemic. 
"Instead of following the obsolete ‘free market’ globalization footsteps of the outgoing government, this next administration should adopt economic development policies of effective state intervention and protection to really help the economy and Filipino people recover and flourish," ended IBON. 
Meanwhile,  Marcos said in his inaugural speech on Thursday that his administration has an "all-inclusive plan" for the country's economy. 
"The pandemic ravaged bigger economies than ours. The virus is not the only thing to blame. What had been well-built was torn down. We will build it back better," the new chief executive said.


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