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Manila Bulletin devider Philippines devider National devider PH gov't steers economy in right direction — PBBM

PH gov't steers economy in right direction — PBBM

Published Nov 10, 2022 10:56 am

PHNOM PENH, Cambodia—The Philippine economy is going in the right direction, President Ferdinand Marcos Jr. on Thursday told business executives here.

At the sidelines of the 40th and 41st Association of Southeast Asian Nations (ASEAN) Summits, Marcos met with Cambodian chief executive officers in a roundtable discussion to encourage them to do business in the Philippines.

There, he said that "the route that we have taken is taking the economy in the right direction" by citing the recent economic figures for the 3rd quarter of 2022. He also noted the country's unemployment rate that dropeed to 5 percent.

"And as I was telling some of the cabinet members, I think the Philippine economy, the important elements are in place and you can feel that our economy is trying to grow," he said.

But he lamented that the economy "is really being pummeled by the forces outside of which we have no control."

According to the National Economic and Development Authority (NEDA), the Philippine economy grew by 7.6 percent in the 3rd quarter of 2022, which was faster than the 7.5 percent expansion in the 2nd quarter of 2022 and the 7.0 percent growth rate in the 3rd quarter of 2021.

In a report, NEDA assured Marcos that the country remains on track to achieving the government's growth target of 6.5 to 7.5 percent for 2022.

Related Tags

Bongbong Marcos cambodia ASEAN asean summits ceos businessmen
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