President Ferdinand 'Bongbong' Marcos Jr. on Tuesday showcased the state of the country's economy and plans for recovery to further woo investors at the World Economic Forum (WEF) in Davos, Switzerland.
In his opening remarks during the Country Strategy Dialogue at the WEF, Marcos cited an International Monetary Fund (IMF) projection for the 2023 global economic growth, which will only be at 2.7 percent, slower than the 3.2 percent posted last year.
This figure is a significant decrease from the 6.0 percent recorded in 2021.
"But for the Philippines, we project our economy to grow by around 7.0 percent in 2023. Our strong macroeconomic fundamentals, fiscal discipline, structural reforms and liberalization of key sectors instituted over the years have enabled us to withstand the negative shocks caused by the pandemic and succeeding economic downturns and map a route toward a strong recovery," Marcos said in his remarks.
"We have seen inflation accelerating globally in recent months… We are mindful that while protectionist policies may be appealing, even necessary in the short term, there will ultimately be no long-term winners… We join the call for all governments to unwind any trade restrictions and reinforce our commitment to the World Trade Organization (WTO) reform," he added.
According to Marcos, countries also need to ensure that sufficient welfare measures are in place to cushion the impact of elevated inflationary pressures, especially towards the most affected and vulnerable sectors.
In addressing the current geopolitical risks, the President reiterated the country’s support for the timely and effective delivery of practical, workable outcomes and encourage economies to leave no stone unturned in finding common ground in these critical global issues.
The Philippines, as per the Palace, continues to focus on sustaining recovery, promoting a local environment that will nurture businesses by helping them maximize their competitiveness and facilitate their entry into the global market.
In the same dialogue, Marcos stressed the importance of economic and technical cooperation to assist the development of smaller economies and enable their participation, especially of small businesses and economic segments with untapped potential in the global economy.
To address the current energy and food crises, the country’s development plan puts together coherent strategic measures to hasten economic and social recovery toward inclusive and resilient development, underscoring the need for heightened collaboration to realize economic and social transformation.
“The government also recognizes the importance of digitalization as a key driver for long-term economic growth and as a tool for economic transformation,” the President said, promising to empower and enable micro, small and medium enterprises (MSMEs) to participate in the digital economy.
“We have begun large-scale deployment of digital connectivity across the Philippines to ensure universal connectivity, particularly in geographically isolated and disadvantaged areas,” Marcos pointed out.
Emphasizing the need to address the current social vulnerabilities, he underscored the importance of education, skills development and lifelong learning to enhance the employability of workers.
Government interventions and public-private partnerships (PPPs) must be strengthened to improve access to employment opportunities, President Marcos said, adding that health systems and social protection must also be enhanced to abate and mitigate present and future risks.
Also present during the country dialogue were House Speaker Martin Romualdez, Finance Secretary Benjamin Diokno, Trade Secretary Alfredo E. Pascual, and Socioeconomic Planning Secretary Arsenio M. Balisacan.
Joo-Ok Lee, the head of the Regional Agenda – Asia-Pacific, and member of the Executive Committee at the World Economic Forum, served as moderator
