Trade Secretary Alfredo Pascual underscored the Marcos administration’s efforts to drive robust economic growth and expansion during the Italian Chamber of Commerce in the Philippines, Inc. (ICCPI) business luncheon Thursday.
He highlighted the Philippines’ potential as a “Rising Asian Tiger Economy” to industry stakeholders and policymakers, with the country’s improved GDP performance for the fourth quarter of 2023.
“The Philippine economy grew by 5.6 percent in 2023, outpacing major Asian economies like China [5.2 percent], Vietnam [5 percent] and Malaysia [3.8 percent], based on the latest data,” he said.
He noted the significant growth in sectors like financial and insurance activities which grew by 11.8 percent, wholesale and retail trade by 5.2 percent, repair of vehicles and motorcycles by 8.5 percent and construction by 8.5 percent.
“This firmly establishes our country as one of the best-performing economies in the Asia-Pacific region,” he said.
Pascual attributed the 5.6-percent increase in full-year GDP to the effective implementation of the Philippine Development Plan 2023-2028.
Pascual emphasized the Philippines’ strategic focus on becoming a regional hub for smart and sustainable manufacturing and services, capitalizing on its young workforce, natural resources and strategic location.
He also mentioned the development of a National Innovation Gateway to bridge gaps in the innovation and entrepreneurship ecosystem.
“With the collective efforts of the government, the private sector, and the Filipino people, I am confident that we will emerge as a premier investment hub and return to being the rising ‘Asian Tiger Economy’,” he said.