Setting the tone

PHILIPPINES - In Brief 01 Jul 2016 by Romeo Bernardo
Change has come to the Philippines in the person of its 16th president, Rodrigo Duterte, who was sworn into office at noon yesterday. In a carefully crafted inaugural speech - without the usual profanity - and a three-hour cabinet meeting afterwards, President Duterte set the tone for his 6-year administration. As is its wont during inaugurals, the local bourse cheered the new president with the index nearing 8,000 at midday before paring gains at close of market.The key messages in the President's 15-minute address included his commitment to peace and fighting crime and corruption, his directive for executive offices to cut red tape and increase transparency in government dealings and, reading between the lines as he advised, his adherence to business-friendly policies. Interestingly, he began his speech thanking former President Fidel Ramos for his help in "making me President." This suggests to us that the former president will play a role in this administration as a senior advisor, a welcome development considering the he is viewed by many in the business sector as the most successful among Philippine presidents.

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