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On Friday, President Ferdinand R. Marcos Jr. underlined the significance of attracting new investments in order to maintain the Philippine economy’s growth trajectory.

This comes after Marcos expressed joy over the nation’s 7.6 percent annual growth in 2022, which was higher than the government’s projection of 6.5 to 7.5 percent and the highest since 8.8 percent in 1976.

In a video message posted on the Presidential Communications Office’s (PCO) official Facebook page, Marcos said, “We are happy to receive the news that our growth rate for the year 2022 exceeded all expectations, even by the estimates of the international financing institutions, and we are holding at 7.6 percent.”

“However, for 2023, inflation remains a concern, which suggests that there is still a problem with some areas of society and the economy that have not profited from that expansion. And for that reason, we are paying attention to inflation,” he continued.

According to Marcos, his administration anticipates that inflation rates would decline “before the end of the second quarter” of 2023, particularly for agricultural products.

Marcos also hoped that by the third or fourth quarter of this year, the inflation rate would drop below 4%, citing the projection from the Bangko Sentral ng Pilipinas.

Marcos also voiced assurance that the nation’s efforts to achieve economic prosperity are moving in the “correct route.”

According to Marcos, attracting foreign investment would maintain the nation’s economic growth and prosperity.

However, Marcos stated, “We must maintain that growth rate, which is why it has become so crucial for us to go out and recruit investments into the Philippines because that is the only way for economic activity to rise and, consequently, for the economy to develop.”

“As a result, I believe we are moving in the correct direction. There are still some interventions that we must use. Despite this, he continued, we are managing the shocks from the global economic situation, and we can now clearly see that the economy is heading in the right direction.

According to a study released on Thursday by the Philippine Statistics Authority (PSA), the GDP of the nation increased by 7.2 percent in the last quarter of 2022, bringing the annual growth rate to 7.6 percent.

According to the PSA, manufacturing, financial and insurance operations, motorbike and auto repairs, wholesale and retail trade, and wholesale and retail trade all contributed significantly to the growth in the fourth quarter.

According to the PSA report, among the main economic sectors, industry and services experienced positive growths in the fourth quarter of 2022, with 4.8 percent and 9.8 percent, respectively.

Wholesale and retail commerce, auto and motorcycle maintenance, manufacturing, and construction were the sectors that contributed most to the full-year growth.

The third Philippine Economic Briefing (PEB), organized by Marcos’ economic team, was held in Europe to outline the country’s economic status and investment potential.

Frankfurt in Germany and London in the United Kingdom are included in the PEB Europe leg.

Budget Secretary Amenah Pangandaman urged more European investors to invest in the Philippines during the PEB’s leg in London on Thursday, assuring them that the country is “on track” to realize its economic goal.

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