President Ferdinand R. Marcos Jr. vowed that his administration is “doing everything” it can to boost the economy amid external threats that are affecting commodity prices in the global market.
In his second State of the Nation Address (SONA), President Marcos Jr. said investments in public infrastructure and in the capacity of the people through supporting the food, education, health, jobs, and social protection sectors remain his administration’s top priority.
“On matters of the economy, there are many things over which we have no control. But over those where we do have control, we are doing everything we can,” he said.
“Puspusan ang ating ginagawa upang pataasin ang produksyon ng ating ekonomiya. Pinapalago natin ang mga industriya. Dinadagdagan natin ang mga imprastraktura, upang mas mapabilis ang daloy ng mga produkto at serbisyo,” he added.
“Higit sa lahat, pinapalakas natin ang kakayahan ng mga mamamayan upang mapaganda nila ang kanilang pamumuhay. Ito ang puno’t dulo ng ating Philippine Development Plan,” he continued.
Growth and ‘right direction’
Marcos said the country’s 7.6% economic growth last year amid bleak global prospects “is a testament to our strong macroeconomic fundamentals,” adding that the country’s financial system also “remains strong and stable” and banks are supported by “strong capital and liquidity positions.”
He also noted the revival of the economy and e-commerce boom amid the easing of restrictions imposed during the COVID-19 pandemic, saying that P2 trillion or 9.4% of the country’s growth domestic product came from digital transactions in 2022.
Marcos also mentioned the 6% growth forecast by the World Bank which he said “is anchored on strong local demand, underpinned by consumer spending, and draws strength from the BPO industry, steady flow of remittances, and the continuing jobs recovery.”
The chief executive also said the country’s decelerating inflation rate is headed in the “right direction” and is a testament that “we are transforming the economy” and the stabilization of prices of critical commodities.
The President also took note of the improved tax and revenue generation in the past year, which is expected to improve further to 16.9% and 17.3% by 2028.
Meanwhile, he called on the Congress “to enact into law the policies and reforms under our fiscal framework.” AG
