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Philippine President Ferdinand Marcos Jnr heads into Monday’s State of the Nation Address facing a legacy-defining question: can he balance his anti-corruption drive with sustaining economic growth and the needs of ordinary Filipinos?
The address, known locally as the Sona, opens the final two years of Marcos’ presidency. Analysts say his administration must show tangible results from its investigation into the alleged billions of pesos in discrepancies relating to flood-control projects while limiting the economic fallout.
“The challenge for the government is to prove that fighting corruption does not have to come at the expense of economic growth,” said Jonathan Ravelas, a financial analyst and managing director of eManagement for Business and Marketing Services in the Philippines.
Fund manager Ronald Acoba, founder and chief investment strategist at Trading Edge Training and Consultancy, agreed that Marcos’ greatest challenge would be delivering economic results for the rest of his term.
Almost a year ago, Marcos used his previous national address to denounce the flood-control scandal, prompting a standing ovation, a wave of official investigations and protests in the streets against corruption.
But analysts say the scandal has taken its toll on the Philippine economy.
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