Digging in with Digong

President Rodrigo Duterte unequivocally told his audience last Thursday that he was not cut out to be a statesman and that he did not “apply” to be one when he ran for president. He made it very clear in no uncertain terms that he is not about to change his “colorful” language. He said, “What I know is that I have to serve the greater interest of the Filipino people… I never took a course on statesmanship, and I do not intend to be one.”

In short, Digong Duterte is informing everyone to get used to his “style” because that’s just the way things are going to be for the rest of his six-year term. Those who are uncomfortable with the president’s colorful language including the upper crust of society who are used to seeing leaders displaying “statesmanlike” actuations – can only hope and pray that the country’s chief executive will learn to become a little more circumspect and diplomatic when it comes to international relations.

While it may be true that he got elected to the presidency by the 16 million-plus voters who found his “what you see is what you get” kind of persona refreshing, the fact is, 26 million other voters did not vote for him along with the rest of the Filipino population whose lives can be greatly affected by his words and deeds.

We have to remember that in this global world, countries need to be competitive to attract investment that could help fuel and sustain their economy. Like it or not, the Philippines still needs to attract more foreign investors to generate additional jobs for Filipinos here at home, and certainly we need to maintain good foreign relations considering that we have close to 12 million overseas Filipino workers (a majority of whom support the president) deployed in many countries all over the world.

An executive from a major international bank told me he was “extremely concerned” about the “I don’t care” attitude adopted by President Duterte regarding the statement of international credit ratings agency Standard & Poor’s that the country is not likely to get a credit ratings upgrade in the next two years. S & P particularly noted the “diminished” stability and predictability of policy making (most likely referring to the recent confusing statements coming from the president such as the pullout of American troops in Mindanao) as one reason.

The banker is hoping that people like Finance Secretary Sonny Dominguez can properly brief the president about the fact that any downgrade in credit rating can affect the economy. An uptick in interest rate borrowings could cost the country billions of dollars. Philippine treasury bonds are still very much in demand nowadays because the country still enjoys good economic fundamentals. But it would seem the president is digging in his heels, telling people to stop complaining about his mouth because it will not bring down the country. Maybe he is right. Senator Ralph Recto pointed out that the president’s tirades will not really drive away “hard-nosed investors” who see the Philippines as an irresistible market given its huge population.

However, Recto is also cognizant of the need to negate the bad press we have been getting from the international media because whether people agree or not, negative publicity can affect the stock market and ultimately the economy. This was apparent in the plunge experienced by the stock market for three consecutive days following President Duterte’s outburst against US President Barack Obama. As much as P2.8 billion in foreign funds were withdrawn from the stock market following the Obama “incident.”

A foreign investment manager, a great fan of President Duterte, truly believes he is still the right person to lead the country today – if only Duterte could temper his comments on international economic matters instead of hurling invectives and comments like “lumayas kayo” (pack up and leave the country) addressed to multi-nationals “because we can start on our own,” and that he can always go to China and Russia. According to the investment manager, even if China and Russia are waiting in the wings, it would take decades to put in enough investments to sustain the economy or cover the billions of dollars we could potentially lose if these multinational investors take their money elsewhere.

No one argues that the country must uphold its sovereignty and maintain its independence, but that does not mean we should isolate ourselves from the rest of the world or worse, alienate those that have been supportive especially during times of disaster like typhoons and earthquakes.

Many Filipinos agree that President Duterte is correct in being passionate and “colorful” about his fight against drugs and criminality, but they are also hoping that as this country’s leader – a position imbued with certain responsibilities – he would be more circumspect in dealing with other countries and global institutions.

His close associates and friends tell me that the president will eventually learn to temper his emotions. They take it as a positive sign when the president invited the European Union, the United Nations, Human Rights Watch and even President Obama to visit the country and openly discuss human rights issues. As a Duterte friend says, this will convince all his critics that Duterte does not sanction extra-judicial killings.

I am told the latest surveys show the president still enjoying a very high trust rating with only a minimal dip from the previous 91 percent. There is no doubt Digong Duterte remains extremely popular with the large majority of Filipinos. Hopefully, he will use this to “dig in his heels” in doing greater good for the greater number of Filipinos.