Philippine Economic Briefing Manila 05/27/2024

PICC, Pasay City
May 27, 2024
“Since President Marcos Jr. took office in 2022, the Philippines has consistently become the brightest star in ASEAN, expanding among the fastest by 6.2 percent,” said Department of Finance (DOF) Secretary Ralph Recto as he presented the country’s economic performance and trajectories during the Philippine Economic Briefing (PEB) 2024 at the Philippine International Convention Center (PICC) in Pasay City on May 27, 2024.
Addressing senior officials from the economic development and infrastructure agencies, as well as private sector representatives, the DOF Secretary announced that the Philippines is poised in becoming a ‘trillion-dollar economy’ in less than a decade, with projected economic growth to range between 5.8 to 6.3 percent in 2024—outperforming its neighboring Association of Southeast Asian Nations (ASEAN) economies.
He said that this economic progress, underpinned by prudent financial strategies and strategic investment, has resulted in a projected decline in the debt-to-gross domestic product (GDP) ratio to 55.9 percent by 2028.
He also commended the President’s proactive diplomacy for playing a key role in promoting foreign investments, which has resulted in US$2.3 billion foreign direct investments in the first two months of the year—50% higher than the same period last year—and is expected to surge upon the realization of investment pledges worth US$72 billion.
Secretary Recto assured them that the government is aggressively addressing bottlenecks and expediting processes to realize these investment pledges, particularly in high-priority sectors. These include infrastructure, renewable energy and power, critical minerals, financial services, healthcare, consumer and retail, manufacturing, and IT-BPM, among others. With key legislative reforms set in place, such as the CREATE MORE (Maximize Opportunities for Reinvigorating the Economy) Bill and administrative orders to tackle bureaucratic hurdles, the Administration is resolute in providing an investor-friendly environment.
“All of these are aimed to provide pathways out of poverty for about 14 million Filipinos, or cutting poverty incidence to 9 percent, by the end of the President’s term or sooner. This is the single most important number that we aim to achieve,” he said.
Concluding his message, the DOF Secretary called for collective efforts, “I hope you will help us spread the word: We have all the makings of a prosperous economy — and we have a bold and decisive leader to fully realize that potential. Lahat po kayo ay makakaasa na sa Bagong Pilipinas, sama-sama po tayong uunlad at giginhawa,” he said.
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