The breakdown of relations between the President and Vice-President of the Philippines and the resulting political instability significantly impacts the country's economic outlook. This event, along with the Bangko Sentral ng Pilipinas' gradual reduction of interest rates, are key developments shaping the Philippine economy in 2024.
The 2024 event with the greatest potential for disruption for near-term Philippine economic growth and development was the rupture of relations between the President and the Vice-President of the Philippines. The time has come to look back on the year that is about to end and single out the events with the greatest significance for the future growth and development for the Philippine economy. 2024 has not been short of such events.
Without a doubt, the 2024 event with the greatest potential for disruption for near-term Philippine economic growth and development was the rupture of relations between the President and the Vice-President of the Philippines and the resulting breakup of the Uniteam political coalition that brought them to power in 2022.Given the accusations and invectives that have been exchanged by the camps of the nation’s top two officials, the rupture appears to have become permanent. Because of the negative impression created internationally by the officials’ high-profile squabbling, the Philippines’ drive to obtain a higher international credit rating is bound to have been adversely affected. The terms of President Ferdinand Marcos Jr. and Vice-President Sara Duterte run until June 30, 2028. 2024 also saw the gradual dismantling by the Bangko Sentral ng Pilipinas (BSP) of the regime of comparatively high interest rates it initiated to counter the inflationary trend generated by the COVID-19 supply chain disruptions. Wanting to reduce the cost of consumer and corporate borrowing but anxious to keep the inflation rate within its 2-to-4 percent target, the BSP reduced its overnight borrowing rate (OBR) – the benchmark for commercial bank loan pricing – by 25 basis points (BP) in August. It cut the OBR by another 25 BP in October and capped its monetary-easing exercise with a 25 BP reduction on Dec. 19. As 2024 draws to a close, the OBR stands at 5.75 percen
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