NATIONAL
Advocates Philippines
PH Economy Grows; Marcos Admin Vows To Sustain Growth
FIle Photo
Manila, November 9, 2023 – The Marcos administration reiterated its commitment to achieving the country’s economic and social transformation goals, following the announcement of a 5.9 percent year-on-year gross domestic product (GDP) growth in the third quarter of 2023.
This growth rate, declared as the fastest among emerging economies in Asia, has bolstered confidence in the government's strategies outlined in the Philippine Development Plan 2023-2028.
Socioeconomic Planning Secretary Arsenio Balisacan assured the nation that the government was dedicated to implementing the transformation agenda laid out in the development plan.
He stated, "We remain committed to fully implementing the strategies and the transformation agenda outlined in the Philippine Development Plan 2023-2028. The government is currently assessing our progress concerning the target outcomes and the strategies identified in the PDP. This Philippine Development Report will provide the necessary guidance on the way forward."
Despite facing significant challenges, the 5.9 percent GDP growth marked a substantial improvement from the 4.3 percent growth in the second quarter.
The Philippines outpaced major emerging economies in Asia, including Vietnam, Indonesia, China, and Malaysia, all of which reported lower growth rates for the same period.
Balisacan, who heads the National Economic and Development Authority (NEDA), emphasized that sustaining this growth momentum was crucial. He explained that the economy needed to grow by 7.2 percent year-on-year in the fourth quarter of 2023 to meet the government’s target range of 6 percent to 7 percent for the entire year.
Addressing concerns about inflation, Balisacan stated that the government would focus on non-monetary measures to protect the purchasing power of Filipinos.
Moreover, the administration, under the leadership of President Ferdinand R. Marcos Jr., is actively preparing for the potential impacts of the intensifying El Niño phenomenon.
The government has directed agencies to support provinces facing agricultural challenges and will create emergency employment opportunities for affected farmers through the El Niño Task Force.
Looking ahead, Balisacan emphasized the importance of liberalization reforms to attract investments and create higher-quality employment opportunities.
He thanked Congress for passing the consolidated version of the Public-Private Partnership Act, which, once signed into law, is expected to enhance private sector participation in the country’s infrastructure development.
This growth rate, declared as the fastest among emerging economies in Asia, has bolstered confidence in the government's strategies outlined in the Philippine Development Plan 2023-2028.
Socioeconomic Planning Secretary Arsenio Balisacan assured the nation that the government was dedicated to implementing the transformation agenda laid out in the development plan.
He stated, "We remain committed to fully implementing the strategies and the transformation agenda outlined in the Philippine Development Plan 2023-2028. The government is currently assessing our progress concerning the target outcomes and the strategies identified in the PDP. This Philippine Development Report will provide the necessary guidance on the way forward."
Despite facing significant challenges, the 5.9 percent GDP growth marked a substantial improvement from the 4.3 percent growth in the second quarter.
The Philippines outpaced major emerging economies in Asia, including Vietnam, Indonesia, China, and Malaysia, all of which reported lower growth rates for the same period.
Balisacan, who heads the National Economic and Development Authority (NEDA), emphasized that sustaining this growth momentum was crucial. He explained that the economy needed to grow by 7.2 percent year-on-year in the fourth quarter of 2023 to meet the government’s target range of 6 percent to 7 percent for the entire year.
Addressing concerns about inflation, Balisacan stated that the government would focus on non-monetary measures to protect the purchasing power of Filipinos.
Moreover, the administration, under the leadership of President Ferdinand R. Marcos Jr., is actively preparing for the potential impacts of the intensifying El Niño phenomenon.
The government has directed agencies to support provinces facing agricultural challenges and will create emergency employment opportunities for affected farmers through the El Niño Task Force.
Looking ahead, Balisacan emphasized the importance of liberalization reforms to attract investments and create higher-quality employment opportunities.
He thanked Congress for passing the consolidated version of the Public-Private Partnership Act, which, once signed into law, is expected to enhance private sector participation in the country’s infrastructure development.
Nov 9, 2023
