Economic impact of martial law in the Philippines

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Economic effect of martial law
The declaration of Martial Law in Mindanao due to the dispute between the government and the Maute Terrorist Group feared to have an effect on the Economic stability of the Philippines. Image Credit: Wikipedia

The declaration of Martial Law in Mindanao due to the dispute between the government and the Maute Terrorist Group feared to have an effect on the Economic stability of the Philippines.

If implemented well and resolved in a short period of time, experts stated that this Marawi incident will not be a threat to our economy. Also, it would even protect businesses there in Mindanao from the threat of terrorism and would not slow the country’s economic momentum, according to the Duterte’s administration Economic team.

Besides, the military still holds solid control of government installations and major infrastructure on the island.

The stock market is doing well with its present level and there have been no huge sell downs. Stated also that the country’s credit will not be affected because of its firm macro-economic fundamentals.

According to Finance Secretary Carlos G. Dominguez III, martial law ensures the protection of these facilities for the business transactions to be left unaffected.

Dominguez added that threat of violence-motivated crisis in the poorest regions of the Philippines will have no effect of the whole economic position of the country. And that the President is strong-willed on protecting the lives of thousands of innocent civilians and pledge to apply all within his legal means and capabilities to end these brutal terrorism acts from further hurting the citizens of Mindanao and preventing government efforts to help and aid people from poverty and change southern Philippines into a successful growth city of investments and opportunities.

Mindanao more or less has the Philippines population of 24 percent.

Noted that Domestic and Foreign tourism industry in Mindanao are openly affected as International travel advisories from different foreign countries have been released same as with the Domestic travels from or to other provinces. Airlines lessened their flight schedule within Mindanao area as well.

However if or when this situation escalates and extends beyond 60 days, and if martial law is declared in the whole of the Philippines is not contained anymore, the Philippine economy percentage of 6.5 percent to 7.5 percent might boost down to 5 percent. And with this, foreign and domestic investment will surely be at stake.

Beyond this circumstances, President Duterte openly stated his desire to detour certain constitutional safeguards regarding the implementation of the martial law including the Supreme Court and Congress to review and even revoke martial law.

As an active Filipino citizen proudly living in this country, Let us hope for the best to come and do our best to help the government in its efforts to stop this situation at the shortest possible time. It is mostly relevant that the government do the right decisions and work on initiatives to gain the confidence and trust of the Filipino people. This is not the best time to make acts of divisiveness for the sake of political gains. This is the perfect time to say the right words to unite and inspire fellow Filipinos.