Clinton victory more beneficial for Philippines – NEDA chief

DAVAO CITY, Philippines – It would be “better” for the Philippines if Americans elected Democrat Hillary Clinton as their next president today, Socioeconomic Planning Secretary Ernesto Pernia said yesterday.

“I think Clinton is better for continuity of Barack (Obama’s policies),” Pernia told reporters on the sidelines of the Philippines Development Forum (PDF).

Asked what’s wrong with Republican Donald Trump, Pernia said Trump’s victory could lead to a “protectionist, inward-looking” US that is not good for Philippine economic relations.

The US is expected to announce today the winner of last night’s elections, with Clinton leading most polls despite a pick-up in Trump’s numbers in recent days.

The new US president will take over the White House in January.

Aside from trade and business process outsourcing (BPO), Pernia said remittances could also take a hit should Trump win. The Republican nominee earlier threatened to ban migrants, who he said are taking jobs away from Americans.

Both he and Clinton also opposed the US-led Trans-Pacific Partnership, which the Philippines hopes to join together with 11 other countries already on board.

According to separate government data, the US accounts for around a third of annual overseas remittances, with more than 3.5 million Filipinos living and working there.

Nearly three-fourths of BPO earnings are coming from the country’s oldest ally, while it continues to be ranked among the top five export destinations and import sources.

It also cornered 68.2 percent or $580.48 million of last year’s equity foreign direct investments valued at $840.58 million, data showed.

Meanwhile, Pernia assured investors anew that the Philippines remains open to US investments despite President Duterte’s persistent tirades against the country.

“There should be no worries about that,” he said.

“We talked to him and he is not going to pursue what he said...What he meant was a re-balancing. We do not want to be more integrated to Asia,” Pernia said.

The government yesterday opened the two-day PDF to solicit action plans and funding support for its 10-point socioeconomic agenda. Among those present were multilateral lenders and business chambers.

It will end today with possible strategies that will be included in the new Philippine Development Plan 2017-2022. – With Sheila Crisostomo