Daily TribuneTaken together, they validate the rationality of President Ferdinand Marcos Jr.’s decision to relax pandemic-related restrictions, the soundness of his administration’s economic policies and the competence of his chosen economic managers.
Not even the continuing specter of the Covid-19 pandemic and the Ukraine-Russia conflict can deter the Marcos administration from achieving long-term, resilient, innovative, and inclusive economic growth with the support of the House of Representatives, which reiterated its commitment to passing legislation that would resolve these issues.
The lower chamber vowed that bills protecting the country's growth momentum would be prioritized, especially since the Philippines is expected to have the fastest GDP growth in the Asia-Pacific region next year, at 6.4 percent.
This growth forecast for the Philippines by the international credit rating and financial research firm, Moody's, only demonstrates that the Marcos administration is pursuing sound economic policies.
"Moody's Investors Service's positive forecast for the Philippines in 2023 confirms we are on the right track, and that our economy is in full swing toward recovery, gaining more momentum," Speaker Martin Romualdez said Friday.
Previously, China had the region's largest economic expansion.
Moody's said that Vietnam will have the second-fastest growth next year with 6.1 percent, followed by China's 5.1 percent, India's 5 percent, Indonesia's 4.7 percent, Thailand's 3.9 percent, and Malaysia's 3.8 percent.
Meanwhile, it predicts that the Philippines' growth will be fueled by pent-up demand for goods and services, as well as the government's fiscal policy that prioritizes education, public health, and infrastructure development.
The projection on the country's economic performance in 2023 is supported by Finance Secretary Benjamin Diokno's statement that GDP growth would reach 7 percent or at least 6.5 percent this year.
"Taken together, they validate the rationality of President Ferdinand Marcos Jr.'s decision to relax pandemic-related restrictions, the soundness of his administration's economic policies and the competence of his chosen economic managers," he said.
The Speaker, on the other hand, stated that the Marcos administration's prudent fiscal and economic policies, a strong partnership between the government and the private sector, and public cooperation would be an excellent reason to look forward to a better life for the public in the coming year.
Last week, the House leader revealed that the country is on track to meet its economic growth target this year during President Ferdinand Marcos Jr.'s first six months in office and is on the road to full recovery.
He underscored that the economy grew by an average of 7.7 percent in the first three quarters of 2022 and that it only needs to grow by 3.3 percent to 6.9 percent in the fourth quarter to meet the 6.5 percent to 7.5 percent growth target for this year.
