President Ferdinand Marcos Jr. said the Philippines could obtain favorable business opportunities due to its strategic position in the Indo-Pacific region and its remarkable economic growth.

Speaking at the Indo-Pacific Business Forum in Taguig City on Tuesday, Marcos lauded the country’s economic growth, saying it was the fastest growing in the region.

“I want to emphasize that the Philippine economy is not only growing, but I should say it is also thriving,” Marcos said.

“In fact, we are one of the fastest growing economies in the world, and we are committed to fostering and continuing this momentum,” he added.

The latest data from the Philippine Statistics Authority showed that the gross domestic product (GDP), or the sum of all products and services produced in the country, for the whole of 2023 reached 5.5 percent.

The GDP also expanded 5.7 percent year-on-year in the first quarter, faster than the revised 5.5 percent expansion in the fourth quarter of 2023. The President said foreign direct investments (FDI) continue to increase.

Marcos also cited the Philippines’ strategic location in the Indo-Pacific for attracting foreign investors as the region accounted for one-third of the global economic activity.