Metro Manila (CNN Philippines, January 18) — President Ferdinand Marcos Jr. on Tuesday showcased the state of the country’s economy and plans for recovery to woo investors at the World Economic Forum (WEF) in Davos, Switzerland.
In his opening remarks during the Country Strategy Dialogue, Marcos cited the International Monetary Fund’s projection for 2023 global economic growth, which will only be at 2.7%, slower than the 3.2% posted last year.
“But for the Philippines, we project our economy to grow by around 7% 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,” he said.
“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 reform,” he added.
In addressing the current geopolitical risks, the chief executive reiterated the country’s support for the “timely and effective” delivery of practical, workable outcomes and encouraged economies to “leave no stone unturned” in common ground in these critical global issues.
According to Malacañang, the country continues to focus on sustaining recovery, promoting a local environment that will nurture businesses by helping them maximize competitiveness and facilitate entry into the global market.
To address the current energy and food crises, Marcos said the country’s development plan puts together measures to hasten economic and social recovery toward 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 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,” he added.
Malacañang also said government interventions and public-private partnerships must be strengthened to improve access to employment opportunities, 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 Pascual, and Socioeconomic Planning Secretary Arsenio Balisacan.
Joo-Ok Lee, head of the Regional Agenda – Asia-Pacific and member of the Executive Committee at the World Economic Forum, served as moderator.
