By Mayvelin U. Caraballo | The Manila Times
THE office of President-elect Ferdinand "Bongbong" Marcos Jr. said American financial services firm J.P. Morgan stressed that the Philippines' placement at the bottom of its investment list had nothing to do with the May 9, 2022 election results.
It said in a statement that J.P. Morgan has confirmed that it was misquoted after many media reports claimed that it had placed the Philippines at the bottom of a list of Southeast Asian peers following Marcos' lead in the elections.
"Our views on the Philippines are driven by long term global and local macroeconomic fundamentals, and not by election results or outcomes in general," Patricia Anne Javier-Gutierrez, executive director and Philippines head of communications at J.P. Morgan, was quoted as saying.
"As stated in our May 8 Philippine Strategy report, we think the Philippines faces a challenging macroeconomic outlook post 2022 regardless of the outcome of the May 2022 presidential elections," she emphasized.
Marcos' office said J.P Morgan maintained that its published views were created before the election outcome was known and were not based on the results of national surveys, since they had written remarks to the media to clarify the claim.
"We further say in our report that re- opening benefits are expected to underpin strong 2022 GDP (gross domestic product) and earnings growth but this benefit will likely wane in 2023, underscoring the macro challenges faced in the future," Javier-Gutierrez added.