President Marcos mentions economic growth of 7% for the Philippines this year

Not so long after Finance Secretary Benjamin Diokno stated that the Philippine economy is expected to grow by around 6.5% this year, President Ferdinand “Bongbong” Marcos stated a figure of 7% economic growth for 2023, according to a news article by the Philippine News Agency (PNA). GMA Network and the Philippine Daily Inquirer each had similar news stories.

To put things in perspective, posted below is the excerpt from the PNA article. Some parts in boldface…

During the Country Strategy Dialogue at the World Economic Forum (WEF) in Davos, Switzerland, Marcos presented the current state of the Philippine economy and the opportunities that are expected to be unlocked.

Marcos, in his opening remarks, cited that while the International Monetary Fund’s (IMF) forecast for the 2023 global economic growth is only 2.7 percent, the Philippines projects that its economy would grow by at least 7 percent this year.

The IMF’s latest projection is slower than the 3.2 percent posted last year and shows a significant decrease from the 6 percent recorded in 2021.

“Our strong macroeconomic fundamentals, fiscal discipline, and structural reforms instituted over the years have enabled us to withstand the negative shocks caused by the pandemic and succeeding economic downturns and map a route toward a strong recovery,” he said.

Marcos said the Philippines remains focused on sustaining the country’s economic recovery, as well as promoting a local environment that would help businesses maximize their competitiveness and facilitate their entry into the global market.

He added that the Philippines’ development plan puts together coherent strategic measures to address the current energy and food crises, allowing the country to hasten its economic and social recovery toward inclusive and resilient development.

Addressing challenges – In his speech, Marcos also emphasized the need for the world economies to implement sufficient welfare measures to cushion the impact of elevated inflationary pressures, especially on the most affected and vulnerable sectors.

“We have seen inflation accelerating globally in recent months. While protectionist policies may be appealing in the short term, there will ultimately be no winners,” he said.

“We support the call for all governments to unwind any trade restrictions and reinforce our commitment to the World Trade Organization (WTO) reform.”

Marcos also renewed the Philippines’ support for the timely and effective delivery of pragmatic outcomes to address the current geopolitical risks, adding that economies should try to find a common ground to settle critical global issues.

He likewise emphasized the importance of economic and technical cooperation to assist the development of smaller economies and enable their participation, including the small businesses and economic segments with untapped potential, in the global economy.

Marcos said it is also vital to address the current social vulnerabilities, noting that education, skills development, and lifelong learning would help enhance the employability of workers.

Government interventions and public-private partnerships (PPPs), he said, must be strengthened to improve access to employment opportunities, adding that health systems and social protection must also be enhanced to abate and mitigate present and future risks.

Digitalization – Marcos also acknowledged the need to pursue heightened collaboration to realize economic and social transformation.

He believed that his bid for digital transformation is a “key driver for long-term economic growth.”

“The government also recognizes the importance of digitalization as a key driver for long-term economic growth and as a tool for economic recovery,” Marcos said, adding that he would put a premium on the participation of micro, small and medium enterprises (MSMEs) in the digital economy.

More details are available for reading in the PNA’s news article.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you believe that the Philippines can achieve 7% economic growth this year?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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