NEDA chief: No need to worry about Trump win | ABS-CBN
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NEDA chief: No need to worry about Trump win
NEDA chief: No need to worry about Trump win
Rose Carmelle Lacuata,
ABS-CBN News
Published Nov 11, 2016 01:25 AM PHT
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Trump can't force BPO firms to leave PH, says Pernia
Trump can't force BPO firms to leave PH, says Pernia
MANILA - A high-ranking economic official of the Philippines said there is nothing to worry about now that Donald Trump has been elected US president.
MANILA - A high-ranking economic official of the Philippines said there is nothing to worry about now that Donald Trump has been elected US president.
Speaking on DZMM, Dr. Ernesto Pernia, socio-economic planning secretary and National Economic and Development Authority (NEDA) director-general, said Trump's winning the US presidency will not have long-term effects on the country's economy.
Speaking on DZMM, Dr. Ernesto Pernia, socio-economic planning secretary and National Economic and Development Authority (NEDA) director-general, said Trump's winning the US presidency will not have long-term effects on the country's economy.
"Ngayon meron na tayong safety net, kasi si Presidente Duterte ay clairvoyant siya, he foresaw this thing coming. Before it came, before Trump won, he had already decided to pivot to China. So by pivoting to China, we are rebalancing our economy, meaning, we are going to be less dependent on the US, and so we are diversifying our trade and investment relations with other parts of the world," he said.
"Ngayon meron na tayong safety net, kasi si Presidente Duterte ay clairvoyant siya, he foresaw this thing coming. Before it came, before Trump won, he had already decided to pivot to China. So by pivoting to China, we are rebalancing our economy, meaning, we are going to be less dependent on the US, and so we are diversifying our trade and investment relations with other parts of the world," he said.
He added that there might be some minor hiccups at first, but there won't be major problems in the long run.
He added that there might be some minor hiccups at first, but there won't be major problems in the long run.
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"Not in the long run. Maybe in the short run, there'll be some hiccups, but those hiccups will be temporary," Pernia said.
"Not in the long run. Maybe in the short run, there'll be some hiccups, but those hiccups will be temporary," Pernia said.
According to Pernia, Trump, despite his pronouncements, cannot force private businesses to leave foreign countries where they earn more profit.
According to Pernia, Trump, despite his pronouncements, cannot force private businesses to leave foreign countries where they earn more profit.
"Actually 'yung mga takot ng BPOs na aalis sila dito, alam mo ang US government, US economy, ay tinatawag natin na private-sector driven. Hindi naman sila madiktahan ng gobyerno, hindi sila madiktahan ng presidente na umalis na kayo diyan sa Pilipinas, gusto ko na magrelocate na kayo dito sa US para maka-generate ng jobs dito sa US. Hindi 'yun magawa ng presidente kasi ang private sector investments are profit-driven," he explained.
"Actually 'yung mga takot ng BPOs na aalis sila dito, alam mo ang US government, US economy, ay tinatawag natin na private-sector driven. Hindi naman sila madiktahan ng gobyerno, hindi sila madiktahan ng presidente na umalis na kayo diyan sa Pilipinas, gusto ko na magrelocate na kayo dito sa US para maka-generate ng jobs dito sa US. Hindi 'yun magawa ng presidente kasi ang private sector investments are profit-driven," he explained.
(The fear that BPOs will leave the country has no basis. The US government cannot force the private sector to leave the Philippines and relocate to the US to generate more jobs for Americans. The president cannot do that because private sector investments are profit-driven.)
(The fear that BPOs will leave the country has no basis. The US government cannot force the private sector to leave the Philippines and relocate to the US to generate more jobs for Americans. The president cannot do that because private sector investments are profit-driven.)
He added that immigrants and overseas Filipino workers will be free to send their remittances anytime because they cannot forced not to do so.
He added that immigrants and overseas Filipino workers will be free to send their remittances anytime because they cannot forced not to do so.
"He (Trump) cannot dictate private citizens or private residents na huwag na kayong magpadala ng remittance," Pernia said.
"He (Trump) cannot dictate private citizens or private residents na huwag na kayong magpadala ng remittance," Pernia said.
(He cannot dictate private citizens or private residents not to send remittances.)
(He cannot dictate private citizens or private residents not to send remittances.)
"Nothing that we have to really worry about. Kasi wala naman siyang direct command sa private businesses," he added.
"Nothing that we have to really worry about. Kasi wala naman siyang direct command sa private businesses," he added.
(Nothing that we have to really worry about because he doesn't have direct command over private businesses.)
(Nothing that we have to really worry about because he doesn't have direct command over private businesses.)
During his campaign, Trump promised to create more jobs for Americans, as well as to implement an "American First" trade policy.
During his campaign, Trump promised to create more jobs for Americans, as well as to implement an "American First" trade policy.
Read More:
Ernesto Pernia
economy
business
Donald Trump
global economy
BPOs
US elections
business processing industry
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