Metro Manila (CNN Philippines, January 17) — The Marcos administration projects the country’s 2022 economic growth to exceed the earlier goal of 6.5% to 7.5%, according to Finance Secretary Benjamin Diokno.
The Presidential Communications Office (PCO) said Diokno made the statement on Monday during a luncheon hosted for the Philippine delegation in Davos, Switzerland coinciding with the World Economic Forum.
Meanwhile, the Philippine economy is forecast to expand by around 6.5% this year amid an expected global slowdown, according to the finance chief.
“And that’s still one of the highest if not the highest growth projection in the Asia-Pacific Region,” he said.
In its statement, the PCO said Diokno cited the Philippines’ “bustling manufacturing sector, record-low unemployment, and stable and resilient banking system” as buffers against external headwinds.
He added that the government plans to further stimulate the economy by opening sectors to foreign equity, improving ease of doing business, and strengthening public-private partnership to support the administration’s infrastructure program.
During the gathering, Diokno also mentioned that the Marcos administration is pushing for a Philippine sovereign wealth fund, which would be called the Maharlika Investment Fund (MIF), to support the government’s development plan for 2023 to 2028.
The measure seeking the creation of the MIF swiftly hurdled the House of Representatives last month amid concerns on capital sources and timing. The Senate, on the other hand, has yet to deliberate on the proposal.
