Australian Deputy Prime Minister Richard Marles lauded President Marcos’ for being “proactive” in putting the Philippine economy front and center of his administration’s agenda in the post-pandemic world.

Australian Deputy Prime Minister Richard Marles and President Ferdinand 'Bongbong' Marcos Jr. (Photo from the Presidential Communications Office)

In introducing the Chief Executive as the keynote speaker at the Lowy Institute in Melbourne, Marles recognized how strong the Philippine economy remained under the current administration despite the global crises faced by world economies.

"Emerging from the pandemic, a key focus for President Marcos has been his economy, and they are very proactive on that. As we began this year, inflation was reducing, and in terms of economic growth, there was no stronger economy than the Philippines in Southeast Asia," Marles, who also serves as the current Minister for Defense, said.

The Philippine Statistics Authority (PSA) reported that the full-year average inflation rate for 2023 was six percent, after the inflation rate slowed down to 3.9 percent in Dec. 2023.

On Tuesday, March 5, the National Economic and Development Authority (NEDA) announced that there was a slight uptick in the country’s headline inflation rate for February 2024 as it increased to 3.4 percent from 2.8 percent last month.

This, however, is still within the government’s target range of two percent to four percent.

Marles further praised Marcos for having the initiative to lead the Department of Agriculture (DA) during the first year of his term since he wanted for the country to achieve self-sufficiency.

"Unusually, but very significantly, he swore himself in as the first Agriculture secretary of his own presidential administration," the defense chief said.

"Agriculture has been central to President Marcos' political mission, going back to his days as the governor of Ilocos Norte in the 90s, when he was able to see that province become self-sufficient in rice production," he added.

Australian Ministers of Parliament also hailed Marcos for the Philippines' performance among Southeast Asian economies, with Dickson, Queensland MP Peter Dutton lauding the President for correctly observing that "economic security is national security."

In his speech at the Lowy Institute, the President underscored the importance for the Philippines and Australia to “build economic resilience against future uncertainties."

"We need to ensure that our economies remain powerful tools that positively shape the lives of our peoples and ensure the sustainability of the planet," he said, stressing the role of Australia’s Southeast Asia Economic Strategy to 2040 as it builds on the new ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) and the Regional Comprehensive Economic Partnership (RCEP).

Marcos arrived in Melbourne on Sunday to attend the Special Summit to Commemorate the 50th Anniversary of Association of Southeast Asian Nations (ASEAN)-Australia Dialogue Relations.