Sound macroeconomic fundamentals continue to back the resiliency of the Philippine economy amid the challenging environment both domestic and overseas, Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan said Thursday.
Balisacan, in a statement, said domestic growth, as measured by gross domestic product (GDP), remains on expansion mode amidst the slowdown in the third quarter to 4 percent, inflation remains low, labor market remains healthy, fiscal deficit and public debt remain manageable, the peso and external position remain stable, and the banking system is still robust.
“Hard-won reforms passed, implemented, and sustained over the years have consistently strengthened our ability to weather periods of domestic or external turbulence,” he said.
Balisacan said the domestic economy’s potential growth of at least 6 percent on an annual basis is supported by several factors such as “robust labor force, steady capital investment, productivity gains, and ongoing technological progress.”
“While short-term fluctuations and external headwinds may affect immediate outcomes, the economy’s overall trajectory remains firm,” he said.
He added the economic team’s priorities are still in line with the Philippine Development Plan 2023-2028, “and efforts are underway to deepen reforms as we aim to stay the course.”
Among others, he said, the government would continue to deploy fiscal, monetary, financial, technological, and social-protection policies, together with key legislative measures, to keep actual growth aligned.
Balisacan said the economic team has “been laying down the necessary investments to future-proof the economy amid environmental, technological, and geopolitical disruptions.”
“We are strengthening our economic foundations, recognizing that investor and consumer confidence are necessary to sustain growth,” he said.
He cited the approval of the Public-Private Partnership (PPP) Code, the Konektadong Pinoy Act, the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, and the Accelerated and Reformed Right-of-Way (ARROW) Act.
More are also in the pipeline and these include “advancing key structural reforms under the Common Legislative Agenda to strengthen governance, boost productivity and dynamism across major sectors of the economy.”
“We continue to prioritize human capital development. Laws, policies, programs, and projects in health, education, skills development, and social protection are being implemented or expanded to ensure that Filipinos are equipped to navigate the challenges of a rapidly evolving economic landscape,” he said. (PNA)
