Strong economy shields Philippines from effects of ‘Brexit’, says Palace official

The Palace made an assurance on Saturday that the country’s economy is strong enough to be affected by any shock created by UK’s vote to volt from the European Union.

In a radio interview on Saturday, Communication Secretary Herminio Coloma Jr was asked if the Philippines can withstand the effects of UK severing its ties to the EU.

He responded by saying that according to Labor Secretary Rosalinda Baldoz, most of the Filipino workers in Britain are nurses who are subjected to British law rather than EU regulations.

Ang kanilang paglilingkod doon ay hindi nakasalalay sa pagiging miyembro ng United Kingdom sa European Union, dahil ang sumasaklaw sa kanilang pagtatrabaho doon ay mga batas ng United Kingdom, hindi ng European Union,” he told dzRB Radyo Ng Bayan.

Economically speaking, the British exit or ‘Brexit’ should not cause anxiety in the Philippines, according to Coloma.

The Palace official said that the Department of Finance also made an assurance that the country’s economic fundamentals are strong as a result of the initiatives carried out by the Aquino government in the last six years.

Despite the stable and strong economy however, the government should not be complacent and overconfident, he said.

There are three things that the incoming administration should do, he said.

First, continue strengthening the economy and second is increasing investors’ confidence as well as the global financial markets.

And third, the Duterte administration should continue the reforms to remove the roadblocks that hamper the growth of the economy, he said.

Lahat ng ito ay nakabatay– o lahat ng ginawa ng Aquino administration hinggil sa mga bagay na ito na marapat na ipagpatuloy ay nakabatay sa mga prinsipyo ng mabuting pamamahala sa Daang Matuwid,” Coloma noted.

The British people voted in a June 23 referendum to exit the European Union. The referendum roiled global markets, including currencies, causing the British pound to fall to its lowest level in decades.  PND (as)