QUEZON CITY (PIA) – “The Philippine economy, we are happy to say, is poised for growth.”

President Ferdinand Marcos Jr. is confident that the country is primed for economic growth as he shared the economic situation in the Philippines during the CEO meeting with Cambodia business leaders on November 10.

“Although inflation right now in the Philippines continues to be a concern, our unemployment rate has gone down to 5 percent. And the (economic) growth in the last quarter was 7.6 percent, which is I think the highest growth rate in Asia right now.”

He believes the economy of the country is in the right direction but is being affected by outside forces which no one has control over. According to the President, “It looks like the route that we have taken is taking the economy in the right direction. [I] think the Philippine economy, the important elements are in place, and you can feel that our economy is trying to grow but is really being pummeled by the forces outside of which we have no control.”

Even so, the President believes the opportunities for investment in the Philippines have improved compared to what they were in the past. He said it has always been his belief that as the country comes out of the pandemic, the government cannot do the recovery alone and it needs partners.

“We have changed many of the policies and many of the procedures and regulations when it comes to public-private partnerships. And not only public-private partnerships but even government-to-government partnerships. [T]he changes we have made are to encourage those partnerships because we believe those partnerships are necessary,” the President added.

He said MSMEs are one area that the government is focusing on. The government is also working for direct investment into the country to boost the manufacturing sector.

President Marcos invited Cambodian business leaders to visit the Philippines and look at the opportunities that are available to them.

“I do not talk about the recovery of the economy, I talk about the transformation of the economy because the new economy is going to be different from everything that we did in 2019. This is what we are looking forward to and I hope to see you all in the Philippines soon.”

After enumerating the basic elements of the new policies and new directions that the country is taking, the President is confident that foreign investors will find opportunities for them to work together in the Philippines or even in Cambodia. 

President Marcos also met with Vietnamese Prime Minister Pham Minh Chinh. Both leaders have agreed to strengthen their partnership as it is expected to enhance their relations in aspects such as defense, trade, maritime, investment, and agriculture. The President looks forward to working closely with Vietnam. He said the Philippines looks to Vietnam as an important partner.

 “The Philippines and Vietnam since the beginning of our diplomatic relations have had a burgeoning a growing relationship both in the political and security side and of course in terms of trade and in people-to-people exchanges.” He said there is increased total trade between the two countries, a trade higher than pre-pandemic levels.

Meanwhile, Prime Minister Pham Minh Chinh congratulated the people of the Philippines for the country’s effective COVID-19 response and for being able to achieve one of the highest gross domestic product (GDP) growth in Asia. He said he is eager to work with the Philippines to address maritime issues.

President Marcos is set to attend various bilateral meetings on the sidelines of his attendance to the 40th and 41st ASEAN Summits and Related Summits in Phnom Penh, Cambodia. (ARB, PIA-CPSD)