Posted on January 16, 2017
Economic concerns of a US-led Trump Presidency have extended towards the Philippines, with the Philippine Stock Exchange reporting a 0.36% dip in shares despite a successful diplomatic visit of Japan PM Shinzo Abe, and the impending chairmanship of the country of the 50th ASEAN Summit.
PM Abe has bledged a 1-billion yen package to deal with investments in the country, in accordance with last week’s official visits that saw Abe visit not only the Philippine capital of Manila, but the southern city of Davao upon the invitation of Philippine President Rodrigo Duterte. Duterte was former mayor of Davao before his election as head of state, and still divides his time between Malacanang Palace and his residence in Davao.
Together they toasted to renewed trade and diplomatic relationships between Japan and the Philippines, as well as a personal visit to Duterte’s home which PM Abe graciously offered. There he also adopted a formerly injured Philippine Eagle in his capacity as Japan’s head of state, naming it “Sakura” in honor of the cherry blossoms that the country is famous for having.
The US-led outsourcing conundrum
The inauguration of President-Elect Donald J. Trump has led experts to consider the consequences of his presidency, in a reflection of his controversial statements over immigration, foreign policy
Most recently, he has vowed to repeal all US-based outsourcing jobs from Asian markets in an effort to curb unemployment rates, which will take a hit in outsourcing markets such as India, China, and the Philippines.
The latter country’s outsourcing prospects have a large stake in the US-market, especially back-office jobs. This includes content writing and management, social media marketing, customer service representation, and the like. With markets like this being badly hit, there are fears that outsourcing in a global capacity will be mostly affected by this shift in policy.