President Marcos' chief economist said that foreign investors should leverage the Philippines' rapid economic growth, the fastest in the region, as well as its recent policy reforms and initiatives.

During the 2024 Economic Outlook Forum hosted by the European Chamber of Commerce of the Philippines, National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan emphasized the favorable prospects of the Philippines.

Amid external and domestic risks to the country's growth outlook, Balisacan said the government has outlined strategies to address these threats. 

This includes the implementation of inter-agency, non-monetary measures to tackle supply-side constraints and curb increases in food prices, as well as accelerating the efficient execution of programs aimed at boosting government spending.

"While we confront challenges in the present – and will undoubtedly encounter more in the coming years – I remain confident that we will be able to stay the course,” Balisacan said.

He further stated that the government is committed to taking all necessary steps to drive and maintain the economic momentum for this year and next, and to realize its vision of providing every Filipino with a stable, prosperous, and secure way of life.

In the third quarter of 2023, the Philippine economy grew by 5.9 percent. 

NEDA estimates show that the country will need to grow by at least 7.2 percent in the fourth quarter to meet the low end of the gross domestic product (GDP) growth target of six percent to seven percent for the year.  

"Comparatively, the Philippines still finds itself among the best performers in the Asian region – only slower than India,” Balisacan said.

“We note that the major economies and the country's peers in the region have seen their growth prospects diminished even more because of the global slowdown in economic activity,” added.

Meanwhile, Balisacan emphasized the importance of leveraging the country's demographic transition, highlighting the need to build the infrastructure that, in turn, will encourage job-generating investments that can absorb the influx of younger workers. 

"To capitalize on this asset of a young and dynamic workforce, we must – though it's sometimes tricky – implement the strategy of sustaining massive infrastructure spending," Balisacan said. 

He sees the government's recent reforms to improve the investment ecosystem in the country to bolster the massive infrastructure spending in the coming years. 

Balisacan also underscored the importance of the recently approved Public-Private Partnership (PPP) Code.

He cited how the legislation will address several concerns related to the legal and regulatory framework for PPPs that will lead to a more stable and predictable regulatory environment for significant investments.