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Manila Bulletin devider Philippines devider National devider More to do as PH economy recovers from external shocks --- PBBM

More to do as PH economy recovers from external shocks --- PBBM

Published Jan 28, 2023 06:01 pm

President Ferdinand "Bongbong" Marcos Jr. said that despite the Philippines posting a 7.6-percent annual growth rate in 2022, there were still a lot of things to do to ensure the steady recovery of the country's economy from the Covid-19 pandemic and other external factors.

President Ferdinand 'Bongbong' Marcos Jr. (Noel Pabalate)

Marcos said this after the Philippine Statistics Authority (PSA) reported Thursday that the Philippines posted a 7.6 percent full-year growth in 2022, the highest in 46 years since the country recorded an 8.8 percent growth in 1976.

In a Facebook post, the President welcomed the report but admitted that there was still a long way to go for the Philippines.

"Masaya tayong makita ang resulta ng ating mga hakbang para pagandahin ang ekonomiya ng bansa (We're happy to see the results of the measures we initiated to improve our economy)," he said.

"Marami pa tayong kailangan gawin. Patuloy lang tayo sa pag-ahon at pagpapabuti ng kalagayan ng bawat Pilipino (We still have a lot to do. Let's continue recovering and improving the lives of every Filipino)," he added.

In a video, Marcos said that the Philippine economy was moving in the right direction.

"We are weathering the shocks from the international economic situation, and we are starting to see that the economy is moving in the correct direction," he said.

However, Marcos said other sectors are yet to enjoy economic growth due to inflation.

"We still have the problem of inflation, which means there is still a problem of certain sectors of society and the economy, have yet to enjoy the benefits of that growth. That's why inflation is something that we are attending to," he said.

In his recent vlog, President Marcos noted that the country has been performing well in its venture to overcome the pandemic through the Philippine Development Plan (PDP) 2023-2028.

The PDP aims to reinvigorate job creation and accelerate poverty reduction by steering the Philippine economy back to its high-growth trajectory and effect economic and social transformation for a prosperous, inclusive, and resilient society.

Marcos said a part of the PDP is the government's cooperation with the private sector and that many projects would not be possible without its cooperation.

The good relationship between the government and the private sector was evident when seven of the country's most prominent business tycoons flew to Davos, Switzerland, to support his participation in the World Economic Forum.

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