President Ferdinand “Bonbon” Marcos Jr. stressed on Friday the importance of attracting investment for the country’s economic growth.
After expressing euphoria for the Philippines’ full-year economic growth of 7.6% in 2022, Marcos said the government should maintain that rate.
“That’s why it’s become so important to go out and attract investment to the Philippines as the only way to expand economic activity and grow the economy,” Marcos said in a video message.
“So I think we are headed in the right direction. There are still some interventions that have to be applied, but we have weathered the shock to the international economic situation and made sure the economy is heading in the right direction. I’m starting,” he added.
Still, Marcos said the country was still facing inflation problems this year, “which means that certain sectors of society and the economy still have problems.”
He said his administration is tackling the problem of inflation and its impact on society.
“By the end of the second quarter, we expect lower inflation, especially for agricultural products,” Marcos said.
“Hopefully, inflation will drop to 4% in the third and fourth quarters of this year, as predicted by the central bank,” he added.
According to the Philippine Bureau of Statistics, the full-year growth rate for 2022 is 7.6%, the highest in 46 years since 1976, when growth was 8.8%.
The country’s Gross Domestic Product (GDP) registered 7.2% growth in the fourth quarter of 2022, according to PSA.
Key contributors to growth in the fourth quarter of 2022 include wholesale and retail, auto and motorcycle repair, financial and insurance activities, and manufacturing. — DVM, GMA Consolidated News