Singapore budget, elections loom in the Philippines

The focus of Singapore’s 2022 budget next Friday will be on steps to raise revenues to help deal with a rapidly ageing population, as the government shifts away from supporting the economy through the pandemic to tackling some of the longer-term challenges facing the country. Meanwhile, campaigning in the Philippines got underway on Tuesday ahead of the presidential election on 9^th May. Ferdinand Marcos Jr., son of the late dictator, is currently over 20%-points ahead in the polls and is the strong favourite. If he is elected, it would only reinforce our view that the economy will continue to underperform over the coming years.