The robust domestic output for 2023 is anticipated to be dampened by increases in the…
PBBM anticipates a 6.5% growth in the Philippine economy in 2023.
On Thursday (Manila time), President Ferdinand R. Marcos Jr. voiced optimism that the Philippine economy would expand by or even more than 6.5 percent in 2023.
In a one-on-one conversation with World Economic Forum (WEF) president Brge Brende, Marcos said, “Well, our prediction is 6.5 percent and we’re still expecting that it will be able to develop above that.
For the Philippines to quickly recover from the coronavirus disease 2019 (Covid-19) epidemic, Marcos said his administration is focused on achieving a higher economic growth rate.
The strategy adopted by the Philippines is the result of harsh lessons gained through the lockdown, the epidemic, and the pandemic’s peak, when it was crystal evident where the weak points were, according to Marcos.
“To get us out of that scenario, the plan is to have rapid growth rates. We’ve taken all necessary steps “Added he.
According to estimates made by the Marcos administration, the Philippine economy will grow by about 6.5 percent this year as a result of the anticipated downturn in the world economy.
Brende referred to it as “amazing” that the Philippines has one of the ten Association of Southeast Asian Nations (ASEAN) member states’ best-performing economies.
“According to me, the Philippines is currently the ASEAN nation with the fastest growth rate,” Brende added.
According to Marcos, the global economy’s reform and restructuring provided the Philippines with the chance to establish effective strategies to maintain its economic growth.
Given that this particular industry “comprises a substantial part of the economy,” Marcos stated that one of the Philippine government’s initiatives for the nation’s quick recovery is to place a premium on micro, small, and medium-sized enterprises (MSMEs).
Jobs were the key priority, he said. “Because they make up such a sizable portion of our economy, we focused on MSMEs, or micro, small [and] medium enterprises. Most ASEAN nations share the same situation. That, in my opinion, is where the growth is occurring “said he.
Marcos stated that by encouraging public-private partnerships, the Philippine government is stepping up its digitalization efforts to reform the bureaucracy and strengthen the infrastructure sector (PPPs).
In light of last year’s allegations of a recession, he claimed that his administration is also monitoring the unemployment rate in the nation.
Despite this, he voiced great optimism for the Philippines’ economy, saying that it is currently in a “demographic sweet spot” and that this will “significantly” contribute to the nation’s rapid development.
The labor in the Philippines, according to Marcos, is “well-trained and sophisticated,” and it is also well-known that Filipino workers are tech-savvy and proficient in English.
The demographic sweet spot, according to him, is the time period when the majority of the population would be of working age and have few dependents.
We have this labor, a very, very good workforce in the Philippines, and that is why I am so sure about it. In Asia, our workforce is the youngest. The average age of Filipino laborers is 23 and a half years old, which could surprise you. What a significant demographic dividend that is “Marcos threw in.
He made the declaration while acknowledging the potential challenges to strengthening important sectors, such as infrastructure and education.
The workforce in the country is being retrained and upskilled, according to Marcos.
So that’s where my confidence comes from, he added, and that’s the confidence I aim to convey to all of you and to all of our potential partners throughout the world.
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