by Argyll Cyrus Geducos
DAVOS, Switzerland — President Ferdinand “Bongbong” Marcos Jr. highlighted before his fellow world leaders the state of the Philippine economy and the opportunities awaiting investors.
In his remarks during Tuesday’s 2023 World Economic Forum (WEF) Country Strategy Dialogue, the President said many opportunities are waiting to be unlocked, telling investors about the initiatives being undertaken to ensure the Philippines’ continued recovery that has made it more conducive for business.
In particular, he 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,” he noted.
“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.
President Marcos called on all governments to unwind trade restrictions and reinforce the commitment to the World Trade Organization (WTO) reform.
“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,” he said.
“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,” he added.
Geopolitical risks
In addressing current geopolitical risks, President Marcos reiterated the country’s support for the timely and effective delivery of practical, workable outcomes and encouraged economies to leave no stone unturned in finding common ground in these critical global issues.
He said the Philippines continues to focus on sustaining recovery by promoting a local environment that will nurture businesses to help them maximize their competitiveness and facilitate their entry into the global market.
The President likewise 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.
Digitalization
To address the current energy and food crises, President Marcos said the country’s development plan puts together 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,” Marcos 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,” he pointed out.
Social vulnerabilities
Emphasizing the need to address current social vulnerabilities, Marcos underscored the importance of education, skills development, and lifelong learning to enhance the employability of workers.
He said government interventions and public-private partnerships (PPPs) must be strengthened to improve access to employment opportunities. He added that health systems and social protection must also be enhanced to decrease and mitigate present and future risks.
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, the head of the Regional Agenda – Asia-Pacific, and member of the Executive Committee at the World Economic Forum, acted as moderator.
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