(CNN Philippines) Metro Manila — President Ferdinand “Bongbong” Marcos on Sunday said the country is ready to manage risks created by global headwinds that have driven steep and persistent inflationary pressures on food, transportation, and energy.
Marcos bared the country’s economic situation at the second global dialogue of the Association of Southeast Asian Nations (ASEAN), but stressed he is “quite optimistic” that his administration has started the recovery path from the COVID-19 pandemic and global problems such as the Russia-Ukraine conflict and devastation from natural calamities.
Marcos noted that the country’s gross domestic product (GDP) showed a rebound growth rate of 5.7% in 2021 and a 7.8% average growth rate for the first half of 2022.
He also cited the nearly 14-year high October inflation rate of 7.7%. He said this has come down and hovers around 5.5% upon the upward adjustment of interest rates of 75 basis points.
The chief executive said the government will address this through the Medium-Term Fiscal Program and the upcoming Philippine Development Plan (PDP) 2023-2028.
“Although many of these numbers are welcome indicators, they show that our recovery is proving to be robust and that we are returning to our original growth trajectory prior to the pandemic,” he added… Read More
