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PBBM working tirelessly in Davos to advance PH: Romualdez

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At the World Economic Forum (WEF) in Davos, Switzerland, Speaker Martin Romualdez said President Ferdinand R. Marcos Jr. is doing a commendable job of luring more investments to the Philippines to accelerate the pace of growth and enhance the quality of life for Filipinos.

The Chief Executive is hard at work and utilizing all the possibilities the WEF gave to convey the Philippine success story to the international leaders in industry and government attending the forum, according to Romualdez, who is a member of the President’s official mission to Davos.

President Marcos made a concerted effort in this forum to highlight the Philippines’ remarkable story and lay out the steps his administration is taking to welcome more foreign investment, Romualdez said. “No less than Borge Brende, the President of the WEF, recognized the sustained effort President Marcos displayed,” he added.

The Speaker was alluding to Brende’s remarks during his one-on-one conversation with Marcos, one of the major WEF events.

The presence of Mr. President Marcos is greatly appreciated. I am aware of how hard you worked today. Brende began their talk by saying, “I guess I’ve seen you previously three or four times, and I know we’ve had so many sessions.

The Speaker said that despite the global economic recession, Brende, like other WEF guests, was pleased with how the Philippine economy has performed.

But more crucially, Romualdez said, “the President was able to articulate his plan for sustained prosperity and the unique characteristics of the Philippines that would inspire investor confidence in the achievement of such goal.”

In his talk with Brende, Marcos stated that the creation of jobs, particularly in MSMEs (micro, small, and medium enterprises), which make up around 99.5 percent of the nation’s businesses, was one of the main drivers for the Philippine economy’s growth.

As a result, according to Marcos, the Philippines’ unemployment rate is currently lower than it was prior to the coronavirus outbreak.

The unemployment rate in November of last year dropped to 4.2 percent from 6.5 percent in November of 2021 and 4.5 percent in October of 2022, according to the Philippine Statistics Authority, making it the lowest percentage in 17 years.

Other sources of growth, according to Marcos, include mining and the sale of semiconductors as well as business process outsourcing (BPO) firms that carried on despite the epidemic.

Marcos also cited the dollar remittances of Filipinos working abroad as one of the main drivers of growth.

The President also emphasized that the Philippines has the youngest workforce in Asia, with an average age of 23 and a half years old, who are equally tech aware, well-educated, and smart as their counterparts in other nations of the world.

President Marcos claims that despite concerns about a worldwide slowdown, he is convinced the Philippines can achieve or even surpass its planned growth rate of 6.5 percent because of this.

Prior to their bilateral discussion, Kristalina Georgieva, managing director of the International Monetary Fund (IMF), informed Marcos that despite the recent volatility, the IMF considered the Philippines to be an “exceptionally well-performing country.”

The IMF is ready to assist its members, including the Philippines, in attaining sustainable growth and promoting economic measures that would benefit more Filipinos, the IMF representative said.

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