Not yet in and yet, the choice technocrats of the incoming Duterte regime are quick to sound off that the European phenomenon called BREXIT, the departure of the United Kingdom (also known as Great Britain) from the European Union will have no effect on the local economy.
While many countries already felt the initial scathing effect of the BREXIT which range from stockmarket meltdowns, political fallout in Britain itself, renewed call and interest in the clamor for Scotland independence (and subsequent re-integeration into EU), the reunification of Ireland (independence of the six Northern Ireland counties from British dominance back to the island Republic of Ireland), and much more.
Here in the Philippines incoming Budget and Management Secretary Benjamin Diokno said exit of the UK from the 28-country European Union is expected to have little or no impact on the Philippine economy.
“Unless, of course, Brexit would lead to the collapse of EU, which I think is remote,” he said. (Duh!-Ed.)
On Friday (Manila time), the “leave” votes won over the “remain” votes in the June 23 UK referendum, with a 52% to 48% ratio.
Diokno, an economist, a professor at the University of the Philippines School of Economics, and the Budget Secretary from June 1998 to January 2001 under the Estrada administration, said the country’s problems are mostly domestic in nature.
”Most of our problems — poor infrastructure, high costs of doing business, sluggish agriculture, widespread poverty — are domestic in nature. We need to address them regardless of what is happening externally,” he noted.
- No economy is an island, so will PH get hit by BREXIT?