President Ferdinand R. Marcos Jr. assured Filipinos on Monday that his government is doing everything to sustain the gains of the country’s good economic performance as he reported the achievements of his government in its initial year in office.
“Puspusan ang ating ginagawa upang pataasin ang produksyon ng ating ekonomiya. Pinapalago natin ang mga industriya. Dinadag-dagan natin ang mga imprastraktura, upang mas mapabilis ang daloy ng mga produkto at ng serbisyo,” President Marcos said in his second State of the Nation Address (SONA).
“Higit sa lahat, pinapalakas natin ang kakayahan ng mga mamamayan upang mapaganda nila ang kanilang pamumuhay. Ito ang puno’t dulo ng ating Philippine Development Plan,” he said.
Despite the bleak global economic prospects, the Philippine economy, Marcos said, posted a 7.6 percent growth in 2022—the highest growth rate in 46 years.
For the first quarter of the year, the country’s growth registered at 6.4 percent, remaining within the target of 6 to 7 percent for 2023.
The Philippines, still considered to be among the fastest-growing economies in the Asian region and the world, is a testament to its strong macroeconomic fundamentals, Marcos pointed out.
According to the President, the financial system, the nerve center of the economy, remains strong and stable, with banks having strong capital and liquidity positions.
“Stimulated by the relaxation of pandemic restrictions, transactions once again flourished—alongside the booming e-commerce that was undeterred by the pandemic. In 2022, the digital economy contributed P2 trillion, the equivalent of 9.4 percent of our GDP (gross domestic product),” said Marcos.
“The economy is revived and rejuvenated, backstopped by a favorable enabling environment and the strong rule of law.”
This year, the World Bank projects a 6 percent overall growth rate, well within the range of the government target for the year, the President said.
This growth target is anchored on strong local demand, underpinned by consumer spending, and draws strength from the business process outsourcing (BPO) industry, steady flow of remittances, and the continuing jobs recovery.
The country’s inflation rate is also moving in the right direction, he said. From 8.7 percent in January, the inflation has continued to ease up in all regions, settling at 5.4 percent this June.
This means that in spite of all the difficulties, the administration is transforming the economy and stabilizing the prices of all critical commodities.
The Bangko Sentral ng Pilipinas (BSP) said inflation is expected to ease further by the close of the year, and projected at 2.9 percent by 2024. *PND*