Philippine President Ferdinand Marcos Jr: Goal to make Philippine economy ‘strong’ within reach

2023 May 11

MANILA – The current administration is on the right track to sustain the Philippines’ strong economy, President Ferdinand R. Marcos Jr. said on Thursday.

Marcos made the remark as he welcomed the Philippine Statistics Authority’s (PSA) report that the Philippines’ gross domestic product (GDP) expanded by 6.4 percent in the first quarter of 2023.

He said the government’s resolve to bring more job and investment opportunities is already within reach.

Layunin natin ay isang matibay na ekonomiya na nagreresulta sa dagdag trabaho at oportunidad para sa negosyo at pamumuhunan (Our goal is to have a robust economy that will lead to the creation of more jobs and more opportunities for businesses and investments),” Marcos said on a Facebook post.

“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 (It is already within our reach, given the continued increase in our GDP growth rate which now stands at 6.4 percent in the first quarter of 2023),” he added.

Marcos also expressed elation that the Philippines even surpassed the growth rate posted by Indonesia, China and Vietnam in the same period.

Marcos’ economic team, citing the first quarter 2023 real GDP growth rates of major emerging economies in Asia, noted that the Philippines “grew the fastest,” followed by Indonesia (5 percent), China (4.5 percent) and Vietnam (3.3 percent).

The country’s economic growth rate is also more rapid than the projected growth rates for Malaysia (4.9 percent), India (4.6 percent), Thailand (2.8 percent), Korea (0.8 percent), and Singapore (0.1 percent), and Taiwan (-3 percent).

Budget Secretary Amenah Pangandaman said the Philippines’ latest economic performance is “outstanding,” adding that that the 6.5 to 8 percent growth projection for 2024 to 2028 is attainable.

Socioeconomic Planning Secretary and National Economic and Development Authority (NEDA) director general Arsenio Balicasan said the economic outlook for the Philippines in the near and medium term “remains solid.”

Balisacan said the full implementation of the strategies in the Development Plan 2023-2028 is vital to ensure that the country will go back to its high-growth path.

“The strategies call for developing and protecting the capabilities of Filipinos and transforming our production sectors to generate more quality jobs and competitive products while ensuring a conducive overall investment environment in terms of governance and government policies,” he said. 

Ruth Abbey Gita-Carlos (PNA)