An aerial photo shows the overhead view of Quezon City, the Philippines on October 31, 2023. (Xinhua/Rouelle Umali)
With robust growth, better management of overall inflation, and a decrease in unemployment rates, the Philippines has "gotten back on its feet from the reeling effect of the pandemic and the subsequent shocks," Philippine President Ferdinand Romualdez Marcos has said.
MANILA, Jan. 12 (Xinhua) -- Philippine President Ferdinand Romualdez Marcos on Thursday night expressed optimism that his country can reach a gross domestic product (GDP) growth target of 6 to 7 percent for 2023.
"The Philippines is touted to become one of the fastest-growing economies among major Asian countries in 2023," said Marcos during a traditional ceremony at the presidential palace in Manila.
With robust growth, better management of overall inflation, and a decrease in unemployment rates, the Philippines has "gotten back on its feet from the reeling effect of the pandemic and the subsequent shocks," Marcos said.
According to official data, the year-on-year inflation in the Philippines eased to 3.9 percent in December 2023, bringing the full-year average inflation rate to 6 percent. The unemployment rate fell to 3.6 percent in November, the lowest since April 2005.
The Philippines is back in business as the country faces a bright economic outlook, Marcos said.
"I continue to enjoin the diplomatic corps to work closely with us in identifying areas where we can pursue joint and collective endeavors and initiatives," Marcos said, stressing his administration's readiness to tackle concerns on poverty, food security, peace and order, health, jobs, and livelihood. ■
