President Ferdinand Marcos Jr. recently addressed the diplomatic corps during a vin d’honneur hosted at Malacañang, emphasizing the Philippines’ successful recovery from the coronavirus pandemic, the Russia-Ukraine war, and the conflict in the Middle East. With a focus on positive developments in the country’s relations with foreign partners and its economic performance, President Marcos expressed confidence in the Philippines’ progress.
Acknowledging the challenges faced by the nation, President Marcos declared, “It is with confidence that I announce that the Philippines has successfully regained its footing from the devastating impact of the pandemic, as well as the subsequent shocks caused by the Ukraine war and the ongoing conflict in the Middle East.”
One of the key indicators of the Philippines’ recovery is its economic growth. President Marcos highlighted the impressive 6.1-percent growth in the third quarter of 2023. He attributed this growth to his administration’s effective management of overall inflation and the significant drop in unemployment and underemployment rates.
Furthermore, President Marcos pointed out that the country’s headline inflation in December 2023 remained stable at 3.9 percent. This indicates a favorable economic environment for businesses and consumers alike. Additionally, the unemployment rate in November 2023 decreased to 3.6 percent, a notable improvement compared to October 2023 and November 2022, when it stood at 4.3 percent. The underemployment rate also saw a decline, dropping from 14.4 percent in November of the previous year to 11.7 percent in November 2023.
The positive outlook for the Philippines’ economy is reinforced by projections from reputable multilateral organizations. President Marcos highlighted forecasts from institutions such as the Asian Development Bank (ADB), the Asean 3 Macroeconomic Research Office, the World Bank, and the International Monetary Fund, which predict that the Philippines will be one of the fastest-growing economies among major Asian countries in 2023.
Despite the geopolitical challenges faced by the international community, President Marcos called on countries to find sincere motivation to work together and harness the power of collective efforts in resolving political conflicts. He emphasized the importance of achieving peace and prosperity for all. President Marcos expressed hope that the members of the diplomatic corps would continue to contribute to expanding bilateral ties and exploring collaboration on both regional and multilateral fronts.
In conclusion, President Ferdinand Marcos Jr. conveyed his confidence in the Philippines’ recovery from the pandemic and global shocks. Through effective economic management and positive indicators such as impressive growth rates, stable inflation, and declining unemployment and underemployment rates, the nation has demonstrated its resilience. President Marcos emphasized the significance of international cooperation in resolving conflicts and achieving peace and prosperity. With a positive outlook for the future, the Philippines is poised to continue its upward trajectory on the global stage.
Source: The Manila Times
