Trump presidency may impact on PHL economic indicators — BSP official

It is still too early to assess the impact of a Donald Trump presidency on the Philippine economy, but the central bank on Thursday said it could potentially affect several economic indicators of the country.

"First of all, it is too early for us to comment on the presidency of the elected President of the US," Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa C. Guinigundo told reporters in a briefing on Thursday.

Republican Donald Trump on Wednesday stunned the world by defeating heavily favored Hillary Clinton as the next US President, ending eight years of Democratic rule and sending the United States on a new, uncertain path.

Trump in his campaign said he would tighten immigration, keep jobs in the country, and veer away from imports.

"Tightening of immigration may not be good for American people ... because immigrants have contributed strongly and greatly to the dynamism of the US economy," Guinigundo said.

For his part, Asian Institute of Management (AIM) Economics Professor Emmanuel Leyco said job losses may be expected should Trump stick to his campaign pronouncements.

"Trump has not exactly made a foreign policy statement yet on Asia, so we don't know yet. That's why the markets are jittery because of this uncertainty," he said.

Guinigundo noted Trump's policy on keeping employment in the US could mean it would not encourage outsourcing.

"BPO (business process outsourcing) will make the US more competitive both in the down cycle and the up cycle. So I don’t think they will prevent American firms from making use of the BPOs," he said.

In terms of trade, Guinigundo said America would benefit from continuing ongoing trade relations.

"Americans will benefit from an open trading system. Prices will continue to be low and that will make a lot of goods as well as services available to many Americans," Guinigundo said. — VDS, GMA News