EDITORIAL
President Ferdinand Marcos Jr. on Tuesday touted the Philippines’ outstanding economic record and soaring investments.
Philippine gross domestic product (GDP) in the first quarter of this year drew mixed reactions as it reached 5.5 percent. That latest GDP figure was slightly higher than the 5.5 percent of the last quarter of 2023, indicating a recovery.
Socioeconomic Planning Secretary and head of the National Economic and Development Authority (NEDA) Arsenio Balisacan said that the first-quarter 5.7-percent GDP growth figure is among the highest among Asian economies, demonstrating the resiliency of the Philippine economy.
Philippine first-quarter economic growth equaled that of Vietnam and surpassed that of China (5.3 percent), Indonesia (5.1 percent), and Malaysia (3.9 percent).
It is understandable, then, for President Bongbong Marcos to proclaim that the Philippines will soon be a major contributor to Indo-Pacific region’s economic activity.
“I am proud to share that our economic achievements have been outstanding. [In 2023], the Philippines’ 5.5 [percent] GDP growth surpassed major economies in Asia based on the latest available data,” President Marcos said in his address at the 6th Indo-Pacific Business Forum in Taguig City.
“Foreign direct investments continue to flow in, with four consecutive months of expansion.
Our investment pledges have also soared, reflecting a healthy pipeline of inward FDI,” he stressed.
Indo-Pacific Economic Framework (IPEF) partner countries play a significant role in the Philippines’ robust economic growth, contributing substantially to its FDI and approved investments, he noted.
Through these economic strengths, the administration aspires to transform the Philippine economy into a regional hub for smart and sustainable manufacturing and services, he added.
Highlighting the importance of the forum, President Marcos said the Philippines’ co-hosting of the 6th IPBF reaffirms its dedication to stronger stakeholder engagement and deeper economic ties that are worker-centered, sustainability-driven, inclusive, and targeted towards meaningful economic activity for all countries.
The forum, he said, provides a platform to the Philippines to showcase its investment opportunities, economic potential, and ongoing development projects, solidifying the country’s leadership role in the Indo-Pacific region.
Secretary Balisacan said: "Despite our challenges on both domestic and international fronts, our economy continues to demonstrate remarkable resilience and growth. This performance retains the country's position as a leading force among Asia's emerging economies.”
He added that the government is doing all it can to contain the effects of the El Niño that has so far caused almost P6 billion in damage to agriculture as of the first week of May this year. The biggest damage was recorded on rice farms with about P3.14 billion, causing rice inflation to remain elevated in the first quarter of this year.
President Marcos continues his sales pitch to Indo-Pacific investors and also potential investors:
“As the Philippines occupies a strategic position in the Indo-Pacific, we are leveraging our strategic geopolitical location, economic engagements, and participation in regional agreements,” said the President.
“With this region accounting for over one-third of global economic activity, this presents immense opportunities for our nation,” he noted.
A total of 14 partner-nations comprising IPEF have embarked on a transformative journey to foster sustainable and inclusive economic growth.
Among the key themes in the Philippine discussions include clean energy, digital transformation, supply chain resilience, infrastructure, and emerging technologies.
It is interesting to note that the GDP growth target set by the Development Budget Coordination Committee (DBCC) for this year is 6 to 7 percent, which is considered by economic experts as easily attainable.