SUSTAINED ECONOMIC GROWTH. President Ferdinand R. Marcos Jr. (2nd from left) holds a roundtable discussion with Cambodian business leaders in Phom Penh on Thursday (Nov. 10, 2022). During the meeting, Marcos assured them that there are more investment opportunities in the Philippines and the country has a robust economy. (Photo courtesy of the Office of the Press Secretary)
MANILA – The Philippine government is on the right direction to ensure the country's strong economic recovery, President Ferdinand R. Marcos Jr. said Thursday, as he wooed Cambodian businesses to invest in the Philippines.
In a roundtable meeting with Cambodian business leaders in Phnom Penh, Marcos said the country's economic figures are a testament to its sustained growth momentum.
“It looks like the route that we have taken is taking the economy in the right direction,” Marcos said during the roundtable discussion.
“We would like to invite [you] at the very least, for you to have a look at the opportunities that are available and finally, I suppose, at some point, since we are not so far away, to come," he added.
Data from the National Economic and Development Authority (NEDA) showed that the Philippine economy grew by 7.6 percent in the third quarter of 2022, faster than the 7.5 percent reported in the second quarter of 2022 and the 7 percent posted in the third quarter of 2021.
While he acknowledged certain external challenges, Marcos noted that the Philippines still has many investment opportunities for foreign businesses.
"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,” he told Cambodian businessmen," Marcos said.
Marcos also assured Cambodian investors of a conducive regulatory environment, citing the policies and procedures his administration are implementing to ensure the success of public-private partnerships, as well as government-to-government partnerships.
Touting the recent Philippines’ economic achievements, Marcos stressed the improvements in the country's labor market, with the unemployment rate settling at 5 percent in September, the lowest record since the onset of the pandemic.
'Different' economic transformation
Marcos guaranteed that foreign business and investors would experience a "different" economic transformation, as the country is on track toward strong recovery.
“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. And so this is what we are looking forward to and I hope to see you all in the Philippines soon,” Marcos said.
"And we will explain to you exactly what we have done and why we have done it and where we have arrived in that process of transforming the economy,” he added.
Marcos said his administration is working for direct investment into the country to boost its manufacturing sector and make it a significant contributor to the gross domestic product (GDP).
This, as he noted that the micro, small and medium enterprises (MSMEs); agriculture; and energy are deemed "basic economic drivers."
NEDA, in its report, assured Marcos that the country remains on track to achieving the government's growth target of 6.5 to 7.5 percent for 2022.
Given the 7.7 percent growth rate for the first three quarters, the Philippine economy needs to grow by 3.3 to 6.9 percent in the 4th quarter to meet this year’s target.
Amid higher global inflation and a slowdown in the world economy, the Marcos administration has ramped up its efforts to boost domestic demand, as well as increase and improve the competitiveness of domestic production to sustain and further accelerate economic recovery.
Marcos is currently in Cambodia for the 40th and 41st Association of Southeast Asian Nations (ASEAN) Summit and Related Summits. (PNA)
