NextGen Day

In order to maintain the Philippines’ robust economy, the current administration is on the correct route, President Ferdinand R. Marcos Jr. stated on Thursday.

When the Philippine Statistics Authority (PSA) reported that the Philippines’ gross domestic product (GDP) increased by 6.4 percent in the first quarter of 2023, Marcos made the comment.

He said that the government’s goal of expanding investment and job opportunities is already within reach.

“Our goal is to have a robust economy that will result in the creation of more jobs and more opportunities for businesses and investments,” Marcos wrote on Facebook.

He stated, “It is now within our reach given the continuous increase in our GDP growth rate, which will be 6.4 percent in the first quarter of 2023. Unti-unti na natin itong naaabot habang patuloy ang pagtaas ng ating GDP growth rate na ngayon ay nasa 6.4 percent sa unang quarter ng taon.

Marcos was particularly thrilled that the Philippines’ growth rate in the same period even beat that of Vietnam, China, and Indonesia.

The Philippines “grew the fastest,” according to Marcos’ economic team, who used the first-quarter 2023 real GDP growth rates of significant Asian emerging economies. The Philippines was followed by Indonesia (5%), China (4.5%), and Vietnam (3.3%).

The country’s economic growth rate is also faster than that of Malaysia (4.9%), India (4.6%), Thailand (2.8%), Korea (0.8%), Singapore (0.1%), and Taiwan (-3%), which are all expected to rise at slower rates.

Amenah Pangandaman, the budget secretary, described the Philippines’ most recent economic performance as “outstanding,” adding that the prediction of 6.5 to 8 percent growth for 2024 to 2028 is realistic.

Arsenio Balicasan, director general of NEDA and secretary of socioeconomic planning, stated that the economic outlook for the Philippines in the short- and medium-term “remains solid.”

According to Balisacan, it is essential that all of the policies in the Development Plan 2023–2028 be put into action for the nation to resume its high-growth trajectory.

Assuring a favorable overall investment climate in terms of governance and government policies, he said, as well as reforming our manufacturing sectors to create more high-quality jobs and competitive products are all part of the strategies.

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