The National Economic and Development Authority (NEDA) expressed confidence in the Philippine economy as it urged foreign businesses to invest in its favorable investment climate.
NEDA Secretary Arsenio Balisacan delivered this message during the 2024 Economic Outlook Forum hosted by the European Chamber of Commerce of the Philippines on Dec. 6.
“Though we face current challenges, I remain confident we can stay the course, propel our economic momentum, and achieve a secure and comfortable life for every Filipino,” Balisacan said.
The Philippine economy grew 5.9 percent in the third quarter of 2023. NEDA estimates that the country needs to grow by at least 7.2 percent in the fourth quarter to meet the low-end of the GDP growth target of 6 to 7 percent for the year.
“The Philippines remains among the best performers in Asia, slower only than India,” Balisacan said. “Major economies and the country’s regional peers have seen their growth prospects diminish due to the global slowdown.”
Balisacan said despite external and domestic risks, the government adopted strategies to address potential threats, including non-monetary measures to address supply-side constraints and food price increases; efficient program implementation to increasing government spending; and infrastructure development to leverage the country’s young workforce through job-generating investments.
“To capitalize on our young and dynamic workforce, we must sustain massive infrastructure spending,” Balisacan said.
He cited the government’s recent reforms, including the Public-Private Partnership (PPP) Code, which aims to improve the investment ecosystem and attract large-scale investments.
“The new PPP code creates a more stable and predictable regulatory environment for big-ticket investments,” Balisacan said.
NEDA’s optimism and focus on infrastructure development and investment opportunities present an attractive landscape for foreign businesses seeking to expand their operations in the Philippines, he said.