United Kingdom Prime Minister David Cameron resigned after the leave votes in the British Exit or ‘Brexit’ won on Friday, June 24, in a historic referendum that decided whether UK will leave or remain with the European Union. The Leave votes received 52 percent while those who chose Remain were only at 48 percent.
The UK is the first major European country to leave the EU after its establishment post-World War II. In his speech, Cameron said he would “step down by October to ensure the country has a strong determined and committed leadership.”
Cameron reportedly did not want UK to give up its EU membership. Cameron, After winning the Parliament last elections, Cameron has negotiated reforms in the EU, that seeks to protect UK’s sovereignty and preventing migrants from moving to the United Kingdom.
A question and answer survey made by BBC News, revealed that one of the reasons why many wanted to leave the EU was to take back “full control of the borders and reduce the number of people coming to UK to live and/or work.” Citizens also complained of the many rules imposed by the EU on businesses and the billions of pounds worth of membership fee “for little in return.” Those who wanted to leave the EU also objected the idea of “United States of Europe.”
“The British people have voted to leave the European Union and their will must be respected,” Cameron said in his speech.
After the referendum, global markets and currencies roiled, including the British pound which plunged immediately, dropping by more than 10 percent in six hours, from $1.50 to below $1.35. It was called as one of its biggest one-day falls in history.
In the Philippines, business executive Manuel V. Pangilinan, chair of local telecom PLDT Inc. and infrastructure holding firm Metro Pacific Investments Corp. said the Brexit will not have a significant impact on local businesses.
Pangilinan said “external trade accounts for only a small portion of the economy, and the country is not too prone to external headwinds that such an event would bring,” a report said.
Meanwhile, Malacanang made an assurance that the country’s economy is strong enough to be affected by any shock created by the Brexit.
In a radio interview on Saturday, Communications Secretary Herminio Coloma Jr. was asked if the Philippines can withstand the effects of UK severing its ties to the EU.
Coloma said Labor Secretary Rosalinda Baldoz confirmed that most of Filipino workers in Britain are nurses who are subjected to British law rather than EU regulations.
“Ang kanilang paglilingkod doon ay hindi nakasalalay sa pagiging miyembro ng United Kingdom sa European Union, dahil ang sumasaklaw sa kanilang pagtatrabaho doon ay mga batas ng United Kingdom, hindi ng European Union,” he told dzRB Radyo Ng Bayan.
‘Brexit’ should not cause anxiety in the Philippines, according to Coloma.
The Palace official said that the Department of Finance also made an assurance that the country’s economic fundamentals are strong as a result of the initiatives carried out by the Aquino government in the last six years.
Despite the stable and strong economy however, the government should not be complacent and overconfident, he said.
There are three things that the incoming administration should do, he said.
First, continue strengthening the economy and second is increasing investors’ confidence as well as the global financial markets.
And third, the Duterte administration should continue the reforms to remove the roadblocks that hamper the growth of the economy, he said.
“Lahat ng ito ay nakabatay– o lahat ng ginawa ng Aquino administration hinggil sa mga bagay na ito na marapat na ipagpatuloy ay nakabatay sa mga prinsipyo ng mabuting pamamahala sa Daang Matuwid,” Coloma said in a statement.