Domestic Reforms The Shield Against Global Uncertainties This title effectively summarizes the main theme of the article, which highlights the importance of domestic reforms in navigating global uncertainties.

Domestic Reforms The Shield Against Global Uncertainties

In an era of increasing global uncertainty, particularly with the emergence of protectionist policies under US President Donald Trump, it is more crucial than ever for countries like the Philippines to prioritize domestic reforms and streamline regulations. This strategic approach can help mitigate potential economic shocks.

According to World Bank lead economist Gonzalo Varela, domestic reforms are essential for navigating these uncertainties. What helps is to get better domestically, focus on streamlining regulations, improve market mechanisms, and build better skills, he emphasized during The Manila Times Economic Forum.

The Philippines' economy has traditionally relied heavily on exports, with the semiconductor sector being its largest export industry. As a result, the country may be vulnerable to the impact of Trump's proposed tariffs on goods from Canada, Mexico, and China.

However, experts believe that there are opportunities for trade diversion that can benefit the Philippines. Assistant Secretary to the Finance chief economist Neil Adrian Cabiles suggested exploring new markets within ASEAN countries. We should also start looking at other markets, he said.

Despite these uncertainties, economists agree that the Philippine development plan should remain steadfast and unaffected by political vagaries. SM Investments Corp. economist Robert Dan Roces emphasized that the development plan is a sacred document that must be followed to the letter, regardless of who is in power.

Global investment banker Stephen CuUnjieng also stressed the importance of being flexible while having something that can attract other countries. Let's look within our region... We have to also be attractive to them and have something to offer. But instead of being ideological about whose side we're on, let's just be practical, he said.

In conclusion, domestic reforms are crucial for the Philippines to navigate global uncertainties. By focusing on streamlining regulations, improving market mechanisms, and building better skills, the country can insulate itself from potential economic shocks.

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Edward Lance Arellano Lorilla

CEO / Co-Founder

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