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In Davos, PBBM has made significant progress: economic managers

Economic managers stated President Ferdinand R. Marcos Jr. had made significant efforts to explain the Philippines’ successes in the face of the pandemic to important leaders and companies visiting the World Economic Forum (WEF) in Davos, Switzerland.

According to a press release from the Presidential Communications Office on Thursday, the President has explained the current situation in the country during the delegation’s opening session and in several meetings with important leaders and businessmen, citing Finance Secretary Benjamin Diokno during a briefing.

The Philippine economy is naipaliwanag, according to you. We were able to provide information about the Philippine economy. The goal of this is to market the nation. Our true goal here is to sell the nation — where we are right now, and things like that),” he declared.

He noted that the Davos conference’s face-to-face session was postponed for three years owing to the epidemic and noted that the Philippine delegation’s participation in the annual event is “extremely timely.”

“Secondly, we have a really interesting tale to share: our nation’s post-pandemic sitwasyon. Therefore, that is the very pleasant story we have to share about our current situation following the pandemic. Iyon ang magandang pinunta namin dito. We are here for that reason, Diokno remarked.

One is that the national economy is still recovering from the outbreak.

GDP growth increased by 7.7 percent in the first three quarters of 2022, above the economic managers’ 6.5-7.5 percent growth forecast for the previous year.

In the upcoming quarters, GDP is anticipated to increase more quickly as the economy continues to be reopened.

Arsenio Balisacan, secretary of the National Economic and Development Authority (NEDA), stated that the problem for the Philippines right now is emphasizing its positive narratives and where it stands from the perspective of foreign authorities.

And as I mentioned, they would want to know if the tale that is forming in the Philippines is sustainable. I believe such interaction is really beneficial. It’s a long-term decision because if they enter, it will be a long one,” he remarked.

How the nation is progressing, policy concerns, and other issues as well as reform initiatives to make the economy more appealing to investors were some of the questions brought up throughout the several sessions with Philippine authorities.

The other crucial point there is [being] able to ask direct, pointed, fairly frank questions on the economy, on our institutions, and on policies, Balisacan said. “A significant achievement that we have accomplished here, you know, is that we are able to tell and then also to ask questions,” he added.

The President’s attendance at the WEF, according to Trade and Industry Secretary Alfredo Pascual, sparked interest from investors in a number of sectors, including the operations of micro, small, and medium-sized businesses, the digital economy, and the processing of minerals.

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