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Thursday, July 25, 2024

PBBM says 8% GDP ‘doable’ but admits inflation biggest problem

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President Marcos expressed confidence the country will achieve an eight percent gross domestic product growth rate under his term even as he admitted that inflation remains the “biggest problem.”

“You know, we always plan for the idea. We don’t plan for a mediocre result. We plan for a very good result,” Mr. Marcos said in an interview with Bloomberg Television yesterday.

“We just have to adjust along the way as we continue to transform the economy. I think it is doable,” he added.

The President, however, admitted the country is still battling inflation.

‘’Inflation is still our biggest problem. And when you, when you separate core inflation to inflation that involves agri products, for example, you can see that the core inflation, we’re doing rather well in terms of controlling it. But again, these shocks keep coming in,’’ Marcos said.

Socio-economic Planning Secretary Arsenio Balisacan earlier said the country needs to grow beyond its current growth trajectory of 6 percent to catch up with its neighbors.

On Tuesday, President Marcos highlighted the ease of doing business in the Philippines as a key reform he instituted during the World Economic Forum (WEF) Country Roundtable at the Palace.

“Our economic liberalization measures signal the dawn of a new era of investments here in the Philippines,” he said.

“Clearly, the Philippines is in a prime position to enter into a sustained period of robust economic expansion over the next couple of years. I extend an invitation to our guests and partners here today to join us in this exciting new phase. The members of the economic team are here today ready to discuss those opportunities that I speak of in greater depth,” the President added.

The event — the first high-level WEF meeting to be convened in the Asia-Pacific region since the end of the pandemic — was attended by members of the President’s economic team, WEF President Børge Brende and several international business leaders.

For his part, Speaker Martin Romualdez on Wednesday expressed optimism the WEF meeting would drive more direct foreign investments into the country.

“The WEF Country Roundtable amplifies our message of progress and prosperity, resonating with potential investors both at home and abroad. It reinforces the narrative of the Philippines as a dynamic and resilient economy, ripe with opportunities for those willing to partner with us in our journey towards shared prosperity,” Romualdez said.

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