By Erika Mae P. Sinaking, Reporter
RISING prices and a weakening peso are fueling public dissatisfaction with President Ferdinand R. Marcos, Jr., with analysts saying economic pain and weak government messaging are making it harder for the administration to regain public trust.
Anthony Lawrence A. Borja, an associate professor of political science at De La Salle University, said Filipinos tend to hold national leaders responsible for economic problems regardless of their causes.
“Since Filipinos are obsessed with leaders, then government leaders, especially the President, will always be the primary target of discontent,” he told BusinessWorld via Facebook Messenger.
Mr. Borja said inflation pressures stem from both external factors such as higher oil prices and structural weaknesses in the Philippine economy, including the lack of strong domestic industries and agrarian industrialization. “These all hit close to home,” he said.
“We have all the tools to defend the peso,” Mr. Marcos told reporters on Wednesday after the peso breached the P64-per-dollar level for the first time and posted record-low closes. “We have all the means to defend the peso.”
The President said the government has sufficient foreign exchange reserves to stabilize the currency and blamed the peso’s decline on a stronger dollar and higher oil prices.
Palace Press Officer Clarissa A. Castro said currency pressures are not unique to the Philippines, citing similar challenges faced by Japan and South Korea. She pointed to global oil prices, US interest rates, geopolitical conflicts and foreign investor behavior as factors weighing on the peso.
Mr. Borja said the administration’s argument that these developments are largely beyond its control might not resonate with the public.
“Such a fixation serves as blinders to the impact of external factors on matters of global trade,” he said, referring to the public’s focus on the President.
“Moreover, if we assume that Filipinos are aware of the lack of economic fundamentals, then such can blunt any attempt to project such problems as outside government control,” he added.
‘DISCONNECTED’
Martin R. Racza, secretary-general of sociopolitical group August Twenty-One Movement, said economic hardship is driving public anger and affecting family life as more Filipinos seek work overseas to support relatives.
“In the simplest of terms, this government is a failure when it comes to connecting with the public,” he told BusinessWorld via Messenger.
He said government attempts to reassure the public have often drawn ridicule because they appear disconnected from the experiences of ordinary Filipinos.
“Marcos’ ‘don’t panic’ is an insult to families with jobless members, sinking in debt, and having to eat less and have their children stop schooling,” Mr. Racza said.
He also called for the appointment of more middle- and working-class representatives to economic and labor agencies, saying they would better understand the effects of government policies.
Both analysts said communication will be critical for the administration.
Mr. Borja said the government should show progress on promises made in Mr. Marcos’ State of the Nation Address (SONA) and move decisively on its anti-corruption campaign.
Mr. Racza urged the President to engage more directly with the public.
“Marcos needs to talk to his people more,” he said. “Shrug off the ‘cool, unperturbed’ image. Be more honest in your opinions towards national problems. Stop attempting to placate and start speaking the truth, even if it’s inconvenient.”
Malacañang has said the government and the Bangko Sentral ng Pilipinas are implementing measures to cushion the impact of the peso’s depreciation, including accelerated infrastructure spending, a P10-billion assistance program for farmers and fisherfolk, fuel subsidies for public transport operators and efforts to keep prices of basic goods stable.
A Pulse Asia Research survey released on Oct. 15 showed 71% of Filipinos viewed inflation as the country’s most urgent issue, ahead of fighting corruption (39%) and increasing workers’ pay (36%). Eighty-one percent disapproved of the administration’s handling of inflation.
The Philippine Statistics Authority is set to release October inflation data on Nov. 5. The Bangko Sentral ng Pilipinas expects inflation to settle at 7.1% to 8.1% from 7.2% in September, citing pressure from fuel, transport and electricity costs.
A third-quarter Social Weather Stations survey showed Mr. Marcos’ net satisfaction rating fell four points to -11 in September from June. Thirty-five percent of adult Filipinos said they were satisfied with his performance, while 46% were dissatisfied.
“Naturally, the blame of economic mismanagement will fall on the shoulders of the administration,” Mr. Racza said. “The opinion that this government is the worst in Philippine history, particularly on the economic front, is steadily and increasingly gaining ground in the population, hence his negative public rating.”
Mr. Borja was skeptical the administration would fully deliver on its pledges.
“I personally doubt whether these two will be accomplished,” he said, referring to efforts to fulfill SONA commitments and conclude the anti-corruption campaign.
