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Monday, June 24, 2024

PH back on its feet—Marcos

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Says country has hurdled crises, urges envoys to help nation reach new heights

President Ferdinand Marcos Jr. declared on Thursday that the Philippines has successfully overcome the challenges posed by the coronavirus pandemic, the repercussions of the Russia-Ukraine war, and the ongoing conflicts in the Middle East.

In his address during the annual Vin D’ Honneur in Malacañang, the President urged members of the diplomatic corps to collaborate with his administration in reaching new heights.

“I continue to enjoin the diplomatic corps to work closely with us in identifying areas where we can pursue joint and collective endeavors and initiatives,” Mr. Marcos said.

“It is with confidence that I announce that the Philippines has… I could say [has] gotten back [on] its feet from the reeling effects of the pandemic and the subsequent shocks that we have suffered from the Ukraine war and now from the conflict in the Middle East,” the President added.

He highlighted the country’s economic recovery, citing improvements and catch-up spending by the government.

President Marcos said he anticipates year-end growth for 2023 to be at 6 percent to 7 percent.

The President noted the government’s efforts to maintain overall inflation at 3.9 percent in December, aiming for a yearly inflation rate of 6 percent.

He also pointed out a decline in the unemployment rate to 3.6 percent in November, lower than the rates in both October 2023 and November 2022. Underemployment similarly decreased to 11.7 percent in November from 14.4 percent the previous year.

Mr. Marcos cited projections from the Asian Development Bank, the ASEAN + 3 Macroeconomic Research Office, the World Bank, and the International Monetary Fund, which forecast the Philippines to be among the fastest-growing economies in Asia in 2023.

Despite geopolitical challenges, the President earnestly called for countries to collaborate to solve political conflicts, emphasizing the power of collective efforts to achieve peace and prosperity.

He expressed optimism that members of the diplomatic corps would continue to serve as effective agents for their respective governments, fostering bilateral ties and exploring collaboration in regional and multilateral arenas.

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