Keywords: Bong Bong Marcos, Marcos Jr
Meta: Bong Bong Marcos, the Marcos Jr. won the long waited result. It was indeed decades-long to see the whitewashing of the brutal family history. It was a landslide victory.
Bong Bong Marco’s presidency started on June 30, 2022, at noon, after his inauguration as the Philippines’ 17th president, succeeding Rodrigo Duterte. He has a six-year term to end on June 30, 2028. It was the most polarizing election in the Philippines stamping a landslide victory.
Who is Bong Bong Marcos Jr.?
Bong Bong Marcos Jr. is a former senator. He is also the son of the late dictator, and now on June 30, 2022, sworn in as the Philippines’ president.
The victory of Marcos Jr. is a long wait for one. It has been decades since the family’s brutal history had been whitewashed. Besides, the succeeding government had failed promises of making Filipino life better after the elder Marcos was overthrown.
Marcos Sr, in this two-decade rule, amassed dollars in billions, an unexplained wealth. He was accused of looting state coffers. The Philippines were plunged into debt due to excessive foreign borrowing, and Filipinos in millions were in poverty. He jailed political opponents, imposed martial law for nine years, shut down media outlets, and violated thousands of human rights.
Marcos Jr. and his family denied involvement repeatedly in his father’s atrocities. He rode on a ‘unity’ message and affirmed to shore up the economy that went down due to the pandemic. It has resulted in tourism decline, and there is an apparent dip in migrant workers’ remittances. His minister’s selection pacified jittery markets, however, some vital posts, such as the health portfolio stay unfilled.
It is time to see if Marcos Jr. mitigates the atrocities of his father!
Challenges for the new leader
Marcos Jr. is now succeeding in an over poorly performing economy with global financial uncertainties. The Marcos cabinet now brings together family allies and seasoned technocrats. The county is in a national debt of $231 billion, approximating 63% of the GDP. The Ukraine conflict, the pandemic, and the global food crisis looming have completely slowed the economy. The interest rates in the Federal Reserve fear an increase in the global recession.
Nevertheless, a Philippines University economics assistant professor, J.C. Punongbayan, says it is pacifying to see the ministerial appointments of Marcos. Jr.’s, though the energy, health, and foreign affairs secretaries’ names are not announced yet. There are many crucial posts to be filled, and the expectation from the new government is a lot.
What are the moves of Marcos Jr.?
Bong Bong Marcos has taken their agriculture portfolio for himself, and it is a rare shift, that he will be holding with his presidency concurrently. It shows that Marcos Jr. is the man addressing critical issues. He may have accepted the portfolio as many top experts are reluctant to head the agriculture portfolio. It is because Marco Jr. promised to reduce the staple rice grains price and increase farm output. However, most others find it impossible to bring the price of rice down to $0.20 per kilogram from $1.
It is about the future now, and no one wants Marcos Jr. to fail in economic management because the losers will be everyone.