Philippines election: Ferdinand Marcos Jr claims victory


Ismaeel Naar
  • English
  • Arabic

Ferdinand Marcos Jr vowed to be a leader “for all Filipinos” after he claimed victory in the Philippines presidential election on Wednesday.

With 98 per cent of the votes counted and an unassailable lead of more than 16 million votes, Mr Marcos Jr's spokesman Vic Rodriguez said the Filipino people had “spoken decisively”.

“To the world, he says: 'judge me not by my ancestors, but by my actions',” Mr Rodriguez said of the man nicknamed 'Bongbong'.

“His is a victory for all Filipinos and for democracy. To those who voted for Bongbong and those who did not, it is his promise to be a president for all Filipinos — to seek common ground across political divides and to work together to unite the nation.”

With the initial count almost complete, the son of the once-notorious Ferdinand Marcos Sr has secured more than 56 per cent of the vote and more than double the tally of his nearest rival, liberal Leni Robredo.

Voters had been predicted to back Mr Marcos Jr by a landslide, after relentless online whitewashing of his family's past, the backing of powerful political dynasties and public disenchantment with post-dictatorship governments.

For years, pro-Marcos accounts have flooded social media, leaving many young Filipinos believing his father's rule was a golden period of peace and prosperity.

Volunteers inspect election returns at the command centre of the Parish Pastoral Council of Good Governance, a church-backed election watchdog, in Manila. Getty
Volunteers inspect election returns at the command centre of the Parish Pastoral Council of Good Governance, a church-backed election watchdog, in Manila. Getty

In reality, Marcos Sr left the Philippines bankrupt and impoverished after killing, torturing and jailing tens of thousands of opponents during his corrupt dictatorship.

Hours after his thumping victory, Mr Marcos Jr visited his father's grave at the national heroes' cemetery in the Philippines' capital Manila.

Photos posted on official social media accounts on Wednesday showed him standing by the tomb with his head slightly bowed and covering his eyes with his right hand, as if crying.

Marcos Sr died in exile in 1989 but was interred at the graveyard in 2016 only after president Rodrigo Duterte defied public outcry to order the dictator's burial with full military honours.

Ferdinand Marcos Jr visits the tomb of his father in Manila, hours after claiming victory in the Philippines' presidential election. AP
Ferdinand Marcos Jr visits the tomb of his father in Manila, hours after claiming victory in the Philippines' presidential election. AP

Mr Marcos Jr vowed to "hit the ground running" when he takes office on June 30, with the economy, cost of living, jobs and education among his government's priorities.

"I know that the counting is not over, it is not yet official but I'm always guided and always look to the fact that 31 million of our countrymen voted for unity," he told reporters at his campaign headquarters in Manila.

Marcos Jr supporters 'overwhelmed' by election outcome

The president-elect was greeted by a crush of supporters as he arrived at the headquarters before fronting the media.

The crowd erupted in cheers when Mr Marcos Jr grabbed a cardboard sign from a fan that read "Thank you 31 million".

Joseph Bugayong, 30, a gardener who was among those standing outside the building, said he was happy and overwhelmed by the result.

"I saw him in person and even shook his hand," he said. "My wait was worth it."

The Marcos family's astounding journey from ignominy back to political favour has overshadowed questions about how Mr Marcos Jr's government will perform.

There were few hints on the campaign trail after he snubbed televised debates and largely avoided media interviews as he sought to avoid own goals.

Human rights groups, Catholic Church leaders and political analysts fear the huge win could embolden Mr Marcos Jr to rule with a heavy fist and push through constitutional changes that could entrench his rule.

His running mate Sara Duterte, the daughter of the outgoing president, also won the vice presidency, which is elected separately, by a landslide.

Their success at the ballot box means the two offspring of authoritarian leaders will hold the highest elected positions for the next six years at least.

In his first Cabinet appointment, Mr Marcos Jr said Ms Duterte would serve as education secretary.

The overwhelming win has devastated many of Ms Robredo's supporters, who regarded the election as a make-or-break moment for the country's fragile democracy.

Many of them went door to door across the vast archipelago in a months-long effort to convince voters to support the liberal candidate for the top job.

Ms Robredo, 57, a lawyer and the current vice president, admitted to "clear disappointment" but vowed to continue the fight against poor government.

Mr Marcos Jr will have to contend with an opposition that could congeal into a potent pro-democracy movement, political analyst Richard Heydarian said.

"I think they could still be in a position to check the worst instincts of the incoming Marcos and Duterte administration," he said.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

The National in Davos

We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.

Updated: June 30, 2022, 5:26 AM