Australian Deputy Prime Minister Richard Marles praised President Ferdinand Marcos Jr.’s proactive approach in addressing the Philippine economy post-pandemic during his keynote speech at the Lowy Institute in Melbourne. Despite the challenges faced by world economies, Marles commended President Marcos for his efforts in reducing inflation and driving economic growth.
Marles highlighted the President’s focus on the economy, stating that “as we began this year, inflation was reducing, and in terms of economic growth, there was no stronger economy than the Philippines in Southeast Asia.” This sentiment is supported by the Philippine Statistics Authority, which reported a further reduction in inflation to 3.9 percent in December 2023, bringing the full-year average inflation rate to 6.0 percent. The National Economic and Development Authority also acknowledged that the country’s inflation rate settled to its lowest level in 2023 in December.
President Marcos’ commitment to achieving self-sufficiency in agriculture was also recognized by Marles. He noted that the President took the unusual step of leading the Department of Agriculture himself, emphasizing the importance of this sector to the country’s development. From his time as the governor of Ilocos Norte in the 90s, President Marcos witnessed the province become self-sufficient in rice production, further highlighting his dedication to agricultural progress.
Australian ministers of Parliament, including Peter Dutton, praised President Marcos for his understanding that “economic security is national security.” This recognition of the interdependence between a strong economy and overall national well-being is crucial. President Marcos echoed this sentiment in his speech at the Lowy Institute, emphasizing the need for both the Philippines and Australia to build economic resilience against future uncertainties.
In his address, President Marcos emphasized the importance of economic cooperation between the Philippines and Australia. He highlighted the Southeast Asia Economic Strategy to 2040, which will build upon the new ASEAN-Australia-New Zealand Free Trade Agreement and the Regional Comprehensive Economic Partnership. This forward-looking approach aims to ensure that both countries’ economies remain powerful tools for improving the lives of their citizens and promoting the sustainability of the planet.
The thriving Philippine economy under President Marcos Jr.’s administration is a testament to his proactive measures and commitment to economic growth. By reducing inflation, focusing on agriculture, and fostering international economic partnerships, President Marcos has positioned the Philippines as a strong player in the Southeast Asian region. The recognition and support from Australian officials further validate the President’s efforts and highlight the importance of economic security for national well-being. As the Philippines and Australia continue to collaborate, their shared commitment to building economic resilience will contribute to a prosperous future for both nations and the wider region.
Source: The Manila Times