To shield the Philippine economy from possible inflationary pressures and trade tensions amid the 2024 United States elections, the country will “leverage” its defense treaty with the US, according to Finance Secretary Ralph G. Recto.
During the Group of 24 press briefing on October 22 in Washington, DC, Recto addressed how a developing country such as the Philippines is preparing for global economic fluctuations should presidential candidate Donald Trump win the November election.
The Philippines also sealed a trilateral partnership with Japan and the US, which boosts its security and economic development, Recto said. “While the global economy shows signs of stabilization, the outlook for many vulnerable nations, particularly in the global south, remains bleak,” according to Recto.
The government is also spending 5 to 6 percent on infrastructure and human resource development, particularly in health and education, he added.
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