Screenshot from RTVM
MANILA, Philippines — President Ferdinand Marcos Jr., in his second State of the Nation Address (SONA) on Monday, highlighted the country’s impressive economic growth. He cited a gross domestic product (GDP) growth rate of 7.6 percent in 2022, the highest in 46 years.
Marcos emphasized the resilience of the Philippine economy, stating that despite global challenges such as the COVID-19 pandemic and other crises, the nation has managed to thrive and remain one of the fastest-growing economies in Asia and globally.
The President highlighted the importance of the nation’s financial system in driving economic growth, stating that “banks, the transmission arms of our monetary policy, have strong capital and liquidity positions.”
He also acknowledged the significant contribution of the digital economy to the country’s recovery, noting that it accounted for P2 trillion, or 9.4 percent of GDP, in 2022. According to Marcos, this demonstrates the revival and rejuvenation of the economy, supported by an enabling environment and strong adherence to the rule of law.
Looking ahead, the World Bank projects the Philippine economy to grow by 6 percent in 2023, well within the government’s target range of 6 to 7 percent. This growth will be driven by strong local demand, the expanding BPO industry, a steady flow of remittances, and the gradual recovery of jobs.
Inflation, which started the year at 8.7 percent, is showing signs of easing, with the rate dropping to 5.4 percent in June. The Bangko Sentral anticipates further easing, projecting a rate of 2.9 percent by 2024.
“On matters of the economy, there are many factors beyond our control. However, for those areas where we do have control, we are doing everything we can,” said the President, outlining the government’s measures to stimulate the economy, including infrastructure development and industry growth.
The government continues to prioritize investments in public infrastructure, food, education, health, jobs, and social protection, allocating nearly 70 percent of the national budget to these areas.
Marcos also mentioned the increase in government revenue generation, particularly the record collections by the Bureau of Internal Revenue and the Bureau of Customs.
The President appealed to Congress for ongoing support of his administration’s policies and reforms under its fiscal framework. The government aims to increase tax and revenue efforts to up to 16.9 percent and 17.3 percent respectively by 2028. This approach is expected to significantly boost public investments in the coming years.
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Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
