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At a Glance
- National Economic and Development Authority Secretary Arsenio Balisacan says the economy remains resilient, noting that it bounced back quickly and grew robustly last year with a record 7.6 percent growth.
- Balisacan says “We expect to grow faster than many of our peers in the region.”
- He also adds the economy returned to the high-growth path in the first quarter of this year with a growth rate of 6.4 percent.
The National Economic and Development Authority (NEDA) expressed confidence in the Philippines’ momentum for economic recovery, stating that the country is expected to grow faster than many of its peers in the region.
NEDA Secretary Arsenio M. Balisacan highlighted this during a bilateral meeting and business forum with Israeli Foreign Minister Eli Cohen, Israel Ambassador Ilan Fluss, and members of the Israeli business community.
Balisacan said the economy remains resilient, noting that it bounced back quickly and grew robustly last year with a record 7.6 percent growth.
He also said the economy returned to the high-growth path in the first quarter of this year with a growth rate of 6.4 percent.
“I note that the momentum remains strong. Various multilateral institutions project that the country will be among emerging Asia’s brightest economies this year, despite the external headwinds of the global economic slowdown,” Balisacan said.
“We expect to grow faster than many of our peers in the region,” he added.
To sustain the Philippine economy’s growth momentum, the NEDA chief emphasized that the Philippine Development Plan contains the strategies, critical priorities, and programs aimed at leading the nation towards deep economic and social transformation in the medium term.
The PDP 2023-2028 also includes strategies for improving the overall business climate of the country, such as reforming the country’s investment policies.
The proper implementation of these reforms will ensure that the regulatory constraints that hinder the location and expansion of foreign business operations in the Philippines are relaxed.
Furthermore, the reforms will also address investor concerns, particularly by ensuring that public policies and regulations are more transparent and efficient.
“I note that the Philippine economy has never been more open and ready for business. The continued investment policy reform momentum, including efforts to improve the ease of doing business through digitalization, shall ensure that the country remains competitive and dynamic,” Balisacan said.
“I invite you to consider investing in our growth drivers in the fields of energy, water, logistics, transportation, agribusiness, manufacturing, tourism, health, education, and digital connectivity,” he said.
Moreover, the NEDA secretary highlighted the potential market of approximately 110 million consumers found within the country, as well as its young and skilled workforce which is growing at a faster rate than the overall population.
This large market is expanded even further by the Regional Comprehensive Economic Partnership (RCEP), which extends the country’s market access to approximately 680 million more people from the agreement’s trading partners.
Israeli Foreign Minister Cohen welcomed these opportunities and stated that Israel is ready to assist the Philippines in critical areas in order to achieve economic growth. — Chino S. Leyco
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