President Marcos said that the Philippines has already recovered from the effects of the Covid-19 pandemic, the Russia-Ukraine War, and the ongoing conflict in the Middle East and is now back in business.

Marcos said this as he hosted the annual Vin d'Honneur for diplomats and other officials in Malacañan on Thursday evening, Jan. 11.

In his speech, the President thanked the diplomatic corps for supporting his administration and urged them to continue doing so to achieve new heights.

He expressed confidence that his administration was ready to tackle concerns on poverty, food security, peace and order, health, jobs, and livelihood.

"These, we hope to address in support of various partners and stakeholders. I continue to enjoin the diplomatic corps to work closely with us in identifying areas where we can pursue joint and collective endeavors and initiatives," he said.

"It is with confidence that I announce that the Philippines has—I could say—gotten back [on] its feet from the reeling effect of the pandemic and the subsequent shocks that we have suffered from the Ukraine war and now from the conflict in the Middle East," he added.

Marcos said the Philippines being "back in business" is supported by improving economic conditions, and with the government's catch-up spending, a growth target of six or seven percent for 2023 could be seen.

He likewise mentioned that his government continued to manage overall inflation at 3.9 percent in December, which could bring the year's overall inflation to six percent, which, while still a little high, hopefully moves in the correct direction.

In addition, Marcos said the unemployment rate in November last year declined to 3.6 percent, lower than the unemployment rate of 4.3 percent in October 2023 and November 2022. Underemployment likewise dropped to 11.7 percent in November from 14.4 in the same period a year prior.

"The Philippines is touted to become one of the fastest-growing economies among major Asian countries in 2023 as forecasted by multilateral organizations such as the ADB (Asian Development Bank), the ASEAN + 3 Macroeconomic Research Office, World Bank and the International Monetary Fund (IMF)," the President said.

Working together

Meanwhile, President Marcos hoped that countries find "sincere motivation" to work together and tap the collective's power to solve political conflicts to achieve peace and prosperity for all.

"I am proud to have closely worked with many of you on many initiatives and endeavors since I assumed the Presidency in the middle of 2022.," he said.

"I hope that we will continue to serve as able agents of our respective governments and countries in furthering the breadth and depth of our bilateral ties as well as in exploring collaboration on regional and multilateral fronts," he added.

President Marcos highlighted the Philippines' independent foreign policy while emphasizing flexibility and cooperation in addressing mutual concerns.

"For the Philippines, the New Year or January is not only the start of our year. It is also the symbolic renewal of our social contract to our people and our commitment and obligation as a responsible member of the international community," he said.

Ambassadors from 54 nations and Heads of 11 International Organizations were among those who attended the event.

The term vin d'honneur, originating from the French tradition meaning "wine of honor," commemorates the New Year and the anniversary of the Philippines' independence. It traditionally occurs at the end of inaugurations, speeches, and ceremonies that mark the social life of the French provinces.

During the reception, the Philippine President hosts Philippine officialdom and the diplomatic corps; other departments, in turn, host their New Year's receptions for their own officials and staff.