MANILA -- President Ferdinand R. Marcos Jr. successfully presented to the international community a fundamentally sound Philippine economy, a Cabinet official said Friday.

Department of Finance (DOF) Secretary Benjamin Diokno described the participation of the President in the 2023 annual meeting of the World Economic Forum (WEF) as “path-breaking.”

“The President successfully pictured to the international community an economy that is fundamentally sound and is expected to have one of the highest growth rates in the Asia Pacific region, if not the world,” the DOF secretary pointed out.

During his opening remarks for the high-level dialogue – investing in infrastructure for resilience, President Marcos said the Philippine economy will post growth of at least 7 percent for last year, the highest in the Association of Southeast Asian Nations (ASEAN) and one of the highest in the Asia-Pacific region, supported by strong macroeconomic fundamentals and prudent fiscal policies. 

At the Philippine Country Strategy Dialogue, the President pointed out in his opening remarks that the Philippine economy is projected to grow by around 7 percent this year, noting that the actual projection is 6.5 “but there are signs that we might be able to surpass that.”

Further, Diokno said the chief executive likewise presented to the international community a politically stable country whose leader was popularly elected by a great majority of its voting population, “with a frictionless and smooth transition of power.”

In his one-on-one dialogue with WEF President Børge Brende, President Marcos said he was blessed that the Filipino voters “agreed with the message that we put out during the campaign and return a very strong mandate for the presidency.”

Diokno said President Marcos also showed that the Philippines is a country with strong support from its private sector partners, as evidenced by the robust participation of leading Filipino businessmen in the recently held WEF.

“The active and enthusiastic participation of the Philippine business leaders in the WEF activities was truly impressive,” Diokno said.

Several business tycoons are in Davos to support the inaugural participation of Marcos in the forum. 

The President's official business sector delegation, called as Magnificent 7, include Sabin Aboitiz (Aboitiz); Kevin Andrew Tan (Alliance Global); Jaime Augusto Zobel de Ayala (Ayala Group); Lance Gokongwei (JG Summit Holdings); Ramon Ang (San Miguel Corp.); Teresita Sy-Coson (SM Investments); and Enrique Razon (International Container Terminal).

An 8th tycoon, Manuel V. Pangilinan, whose portfolio includes telecommunications giants PLDT and Smart, also showed support for the chief executive’s attendance at the WEF by showing up at the dinner hosted by the chief executive officers (CEOs) for the President in Davos Wednesday night. 

Aboitiz, president and CEO of the Aboitiz Group and lead convenor of the Private Sector Advisory Council (PSAC), has lauded the President’s economic vision for the country, which he said, excites the private sector.

“So when you have that dual type of respect for each other, it excites people and the President’s belief in the private sector is very strong,” said Aboitiz. (PND)