Philippines’ crime war a risk for economy, S&P warns
S&P maintained its stable outlook for the Philippines, but highlighted a range of ‘weaknesses’ under the new Duterte administration
President Rodrigo Duterte’s deadly war on crime is threatening the Philippines’ economy and endangering its democratic institutions, international credit rating agency Standard and Poor’s warned on Wednesday.
S&P maintained its stable outlook for the Philippines, but highlighted a range of “weaknesses” under the new Duterte administration that also included his foreign policy and national security statements.
We believe that the stability and predictability of policymaking [in Philippines] has diminished somewhat
“The president has a strong focus on improving ‘law and order’, which has allegedly resulted in numerous extrajudicial killings since he came to power,” S&P said.
“This could undermine respect for the rule of law and human rights through the direct challenges it presents to the legitimacy of the judiciary, media and other democratic institutions.
“When combined with the president’s policy pronouncements elsewhere on foreign policy and national security, we believe that the stability and predictability of policymaking has diminished somewhat.”
