In a briefing Thursday, BSP Deputy Governor Diwa Guinigundo said “it’s too early, too premature for us to comment on the presidency of the elected president of the United States.”
He noted that there is a disconnect between Trump’s acceptance speech and his stance during the campaign period.
Trump, during the campaign, vowed to keep jobs at home, tighten immigration and revive trade rules by imposing tariffs on imports, among others.
Guinigundo said these measures would hurt other countries since, in the case of the Philippines, it would negatively impact on remittances, the business process outsourcing (BPO) sector and exports, all of which are among the main drivers of the Philippine economy.
He, however, cited that based on Trump’s acceptance speech “we see the disconnect between the pronouncement during the campaign and what he pledges to do moving forward.”
“In his acceptance speech he was saying he will be the president of all Americans,” he said but noted that the president-elect’s latest statements do not jive with his earlier stance.
He said a more stringent immigration rule “may not be for the good of the American people because by allowing immigration to be reasonable then that’s one way of the Americans renewing themselves because immigrants have contributed strongly and greatly to the dynamism of the US economy.”
He said the BPO sector makes the world’s largest economy more competitive “both in the down cycle and the up cycles so I don’t think they will prevent American firms from making use of the BPOs.”
He also said that US citizens “benefit from an open trading system” since this ensures that prices of goods and services will remain low.
“So I think it’s important to first continue to observe what the US president will announce, especially during his inauguration, in terms of more specific economic programs,” he said.
“If he is true with what he said in his acceptance speech the pronouncements during the campaign may not be implemented. After all he’s going to work in favor of the American economy and the American people,” he added.