Marcos Jr. era ushers in economic boom: Philippines’ over 6% growth outpaces Southeast Asian neighbors
July 17, 2024
The Philippine economy has clocked more than 6 percent growth since President Ferdinand Marcos Jr. took office in 2022.
According to Marcos’ economic managers, the average growth rate hit 6.1% from the third quarter of 2022 to the first quarter this year, eclipsing regional peers like Indonesia, Malaysia, Singapore, and Thailand.
This momentum is expected to carry through 2024 and 2025, with the Development Budget Coordination Committee forecasting a growth range of 6.0-7.0 percent and 6.5-7.5 percent, respectively.
The IMF and ADB echo this optimism, both projecting at least 6 percent growth for the Philippines in the next two years.
Domestic demand and a rebound in merchandise exports, particularly electronics, fueled the 5.7 percent growth in the first quarter.
Continued infrastructure spending and buoyant service exports, including tourism and business process outsourcing, also played a role.
However, National Economic and Development Authority Secretary Arsenio Balisacan cautioned that long-term sustainability hinges on infrastructure development and economic diversification.
The government’s Philippine Development Plan (PDP) 2023-2028 prioritizes infrastructure investment to create jobs, boost competitiveness, and improve regional connectivity.
Balisacan highlighted the “Build Better More” program’s 185 flagship infrastructure projects, valued at P9.54 trillion as crucial for achieving the 5-6% annual infrastructure spending target.
The program has seen three project completions so far, with 63 underway, 31 approved, and others in various stages of development.
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