UP CLOSE! What is ‘Brexit’ by Think Philippines

“BREXIT,” a combination of “Britain” and “exit,” is the nickname for the British exit from the European Union (EU) that was submitted to a referendum in the United Kingdom on Thursday.

In the referendum, voters were asked: “Should the United Kingdom remain a member of the European Union or leave the European Union?”

In a shocking close-run vote, the British public decided to leave the European Union. The “Leave” campaign won by 52 percent, beating the “Remain” campaign, which drew 48-percent voter support.


What is the case for leaving?





What will happen to Britain if it leaves?







Brexit and the Philippine economy

April Lee-Tan, head of research of COL Financial, said fundamentally, Brexit should not have a significant direct impact on the Philippines.

“The UK is not part of the country’s top 10 export destinations—although the UK accounted for around $1.5 billion of our total OFW (overseas Filipino workers) remittances last year,” Tan said.

“The impact is more indirect as the uncertainty as to what would happen after a Brexit is causing people to switch to safe haven currencies—like US dollar, Japanese yen, Swiss franc—and safe haven financial products like sovereign bonds,” Tan said.

ING Bank Manila senior economist Joey Cuyegkeng said the UK decision might also affect Asia and the Philippines, as seen in the financial markets. “But major central banks and major governments are likely to moderate the impact of Brexit,” he said.

“We believe that the economy can withstand such external developments. Higher fiscal deficit spending focused on higher infrastructure spending and greater disposable incomes would likely keep Philippine economic growth in the area of 6-7 percent,” Cuyegkeng said.


Telegraph News
Inquirer News
Team Think Philippines – Research








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About The Editor-In-Chief of Think Philippines!

Edwardo Miguel Guevarra Roldan

  • Managing Partner at Princeton Business Initiative
  • Agency Manager at Fortune CARE Health Maintenance Organization (HMO)
  • Financial Investment Advisor at Rampver Strategic Advisors




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