[In This Economy] Update on the Philippine economy

Big businesses have infiltrated the halls of Congress. For instance, many lawmakers now are closely tied to construction companies and contractors wishing to hog projects bid out by the government.

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At the same time, Marcos has roamed the world and wooed investors, but to no avail, because the government refuses to solve fundamental constraints to investments like the difficulty of doing business, inadequate infrastructure, and widespread corruption. Dr. Adriano added that agriculture today is sadly permeated by “state-sponsored cartels,” and was not so optimistic that food prices could go down unless these cartels are dismantled.

In another session, other friends talked about the changing nature of oligarchy in the Philippines. Dr. Marianne Juco-Gonzales, my friend who’s now an economist at the Bangko Sentral ng Pilipinas, discussed parts of her dissertation about the extent of firms in the Philippines with ties to politicians. She shared that back in 2017, more than a fifth of firms were connected to incumbent politicians, while more than half were connected to past and present incumbents.

Undersecretary Joseph Capuno of the National Economic and Development Authority , a professor at UPSE on secondment, also talked in the Philippines Update. He shared never-before-seen data on infrastructure projects being built by the administration, underscoring a not-so-new point: there are plenty of systemic constraints in infrastructure development in the Philippines, from right-of-way issues to pesky procurement barriers.

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