“It’s the economy, stupid” is a slight variation of the phrase “The economy, stupid”, which James Carville had coined as a campaign strategist of Bill Clinton‘s successful 1992 presidential campaign against sitting president George H. W. Bush. Former President Gloria Macapagal-Arroyo’s version was telling Pnoy; It’s the economy, student. Meanwhile, Bongbong Marcos talks about the track record of now Speaker Arroyo when it comes to the infrastructure of the economy when she was President. He said that such leadership change including Senator Tito’s Sotto’s takeover as the Senate President is crucial for the progress of the country.
Youtube video by; Bongbong Marcos
[VIDEO]: It turns out Clinton was right when he said, “It’s the economy, stupid.”
The First Female Speaker of the House
The anti-Arroyo faction must be outraged but former President Gloria Macapagal-Arroyo wins the house speakership post. She is the first female ever to be Speaker of the Philippines’ House of Representatives. The courageous woman is also the only former Philippine President to become speaker. While it is the first time in over a decade that in the middle of a President’s term the Speaker is replaced, Marcos is confident with Arroyo. There is no leader who has a greater sense of the economy as the former President, he said.
A Long Planned Transfer of Power
Without hesitation, Pimentel had formally nominated Sotto as his successor. Sotto now serves as the second Senate president of the 17th Congress. The transfer of power had long been planned, Pimentel says as he resigned from the position. It is done so peacefully and willingly.
The Impact of AI on the Economy
With the development of artificial intelligence comes the elimination of some jobs. But surely with this technology, we can witness the evolution of most professional landscapes. As research predicts, 1.8 million jobs will be gone by 2020, but 2.3 million jobs would be created. While the AI technology will lead to the extinction of repetitive jobs, we can see it morph and enhance creative jobs. These things should be considered while looking at the economy, Marcos says.
The Depreciation of Peso
The peso is weakening. With weak Philippine trade numbers as well as expectations of an interest rate increase in the US, the peso remains weak against the dollar. This according to Jonathan Ravelas, Chief Market Strategist of BDO Unibank Inc. This will certainly work to the benefit of exporters and dollar earners, as well as the families of OFWs, Cid Terosa, Dean of the University of Asia and the Pacific School of Economics said. Arroyo still worries however of its future implications, Marcos says. The depreciation of the Peso Value on the flip side may spur inflation. That can negatively impact the purchasing power of the common Filipino.
The electoral protest of Bongbong Marcos against VP Leni Robredo may still be uncertain. But now not only the President is Marcos-friendly. The heads of the Congress and the Senate are now on the same boat. The current line of succession to the office of the President of the Philippines is specified by the 1987 Constitution. During the Marcos era, the line of succession would be amended to include a newly created cabinet or ministerial offices. The line of presidential succession follows the order of Vice President, President of the Senate and the Speaker of the House of Representatives. In case of death, permanent disability, or inability of these officials, Congress shall, by law, provide for the manner of selection of the person who is to act as President until a President or Vice President shall have qualified.