Marcos: PH back on its feet following Covid-19 pandemic, geopolitical concerns

Marcos: PH back on its feet following Covid-19 pandemic, geopolitical concerns

PRESIDENT Ferdinand Marcos Jr. said on Thursday, January 11, 2024, that the Philippines is back on its feet following the effects of the Covid-19 pandemic, as well as the war in Ukraine brought about by Russian invasion and the conflict in Israel.

During the Vin d’Honneur or the annual New Year’s Reception hosted by the President of the Republic for the diplomatic corps, Marcos noted the country’s improving economic condition and the growth target of six to seven percent for 2023, which could be seen with the government’s catch-up spending.

With the country’s inflation rate at 3.9 percent in end-December, Marcos said the 2023 overall inflation is seen at 6.0 percent, which, while still a little high, "hopefully moves in the correct direction."

The chief executive also noted the decline of the country’s employment rate to 3.6 percent from 4.3 percent in October 2023 and November of 2022 and underemployment to 11.7 percent in November 2023 from 14.4 percent during the same month during the 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),” said Marcos.

Marcos called on the members of the diplomatic corps to work with his administration to achieve new heights, particularly in identifying areas in which the country can pursue joint and collective endeavors and initiatives.

He stressed the Philippine government’s readiness to discuss concerns on poverty, food security, peace and order, health, jobs and livelihood.

Amid geopolitical difficulties, Marcos called that countries find “sincere motivation to work together and tap the power of the collective in finding ways to solve political conflict to achieve peace and prosperity for all” and serve as abled agents of their respective governments and countries in furthering the breadth and depth of the bilateral ties, as well as in exploring collaboration in regional and multi-lateral fronts. (TPM/SunStar Philippines)

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