Marcos faces Philippine growth, investment tests in second year

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As his administration enters its second year and faces prospects of softening demand, Marcos said delivering on his campaign promises to transform the economy is a work in progress.

MANILA : Philippine President Ferdinand Marcos Jr marks his first year in office with resilient growth and improving business sentiment as he rebalanced the country’s foreign policy and tapped credible economic managers.

"The most successful economies are those that are agile and resilient and I think we have put in place the basic elements for us to do that.” "We see that pent-up demand is waning, but this means that we are going to moderation that’s also good for inflation,” said Undersecretary Rosemarie Edillon of the economic planning agency.Marcos appointed himself as secretary of agriculture, aiming for self-sufficiency in food production like many of his predecessors. His single six-year term was greeted by shortages of food items like onions and sugar, helping stoke inflation to the fastest in 14 years at the start of 2023.

"There is urgency for fiscal reform measures to further boost revenue through new or higher taxes, intensified collections as well as more disciplined government spending,” said Rizal Commercial Banking Corp. chief economist Michael Ricafort.

 

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