Malacañang said the Philippines will have to be vigilant and strengthen its economy to withstand the possible impact of Britain’s vote to leave the European Union (EU).
In a statement, outgoing Presidential Communications Secretary Herminio Coloma Jr. said the country should continue to strengthen its macroeconomy and build on the confidence markets.
“While it may be too early to project the impact of the Brexit vote on global financial markets, it is well for the Philippines to fortify itself against possible vulnerability by continuing to strengthen its macroeconomic fundamentals, increase market confidence and address remaining constraints to growth,” Coloma said.
“For this to be achieved, it is imperative to build on the gains achieved through good governance,” he added.
The Philippine Chamber of Commerce and Industry earlier said that the result of the EU vote had no significant impact on the Philippine economy.
But outgoing Finance Secretary Cesar Purisima said the effects of Britain’s decision to leave the EU while minimal at this stage, will be gradual.
Purisima said Brexit “will roil the global financial markets and affect all countries, without exception but with varying degrees as the world has entered uncharted waters.”
“While it remains true that we are less vulnerable than others, we are reminded that we are never immune,” he added.
Lured by the promise of regaining control of their own destiny and reigning in high levels of immigration, Britons chose to break from a 28-nation alliance that had offered unfettered trade access and the free movement of labor across its borders.
British Prime Minister David Cameron, who announced that he will resign, promised to try to “steady the ship” over the next months. He did not give a precise timetable for his departure but said a new leader should be installed by early October.
However, the EU’s founding states said Saturday they want Britain to begin leaving the union “as soon as possible” as France urged a new British prime minister to take office quickly.
German Foreign Minister Frank-Walter Steinmeier, hosting the six original states of the European Union in Berlin, said they were in agreement that London must not wait to start the complex procedure of extracting itself from the bloc.
“We join together in saying that this process must begin as soon as possible so we don’t end up in an extended limbo period but rather can focus on the future of Europe and the work toward it.” With AFP