Fitch Ratings: Expected victory of Duterte-endorsed Senate bets “could bode well for policy continuity” in PHL

(Eagle News)—The expected victory of  candidates endorsed by President Rodrigo Duterte in the midterm elections “could bode well for policy continuity during the President’s remaining term.”

This is according to Fitch Ratings Sovereigns team associate director Sagarika Chandra, who issued a statement on Friday, May 17, four days after the polls.

“The results of the mid-term elections suggest President Duterte and his allies would secure a majority in the Senate,” Chandra said.

Based on Friday’s unofficial and partial results from the Commission on Elections transparency server, as of 2:02 p.m., no opposition candidate would make it to the Senate.

Bam Aquino of Otso Diretso, who is in fourteenth place, is the closest to the Magic 12, but he trails Nancy Binay, who is so far in the last spot of the winning circle, by 354,736 votes.

According to Chandra, “the key economic factors that we would be watching in the period ahead remain — the Philippines’ growth outlook, progress on tax reforms and fiscal policies.”

Fitch Ratings gave the Philippines a “BBB” with stable outlook in December 2018.