MANILA – The National Economic and Development Authority (Neda) has expressed confidence in the Philippines’ economic outlook, urging foreign businessmen to invest in the country using recent policy reforms and initiatives enacted and implemented by the government.
Neda Secretary Arsenio M. during his speech at the 2024 Economic Outlook Forum hosted by the European Chamber of Commerce of the Philippines on Wednesday, December 6, 2023. Ballysagan expressed this belief.
„While we face challenges now – and will undoubtedly face more in the coming years – I am confident that we will do what it takes to sustain and advance our economic momentum this year and next. And our long-held desire for a strong-rooted, comfortable and secure life for every Filipino. Achieve the vision,” said Ballysagan.
In the third quarter of 2023, the Philippine economy grew by 5.9 percent. NETA’s estimates show that the country needs to achieve at least 7.2 percent growth in the fourth quarter to meet the annual GDP growth target of 6 to 7 percent.
„Comparatively, the Philippines still finds itself among the best performing countries in the Asian region – only slower than India. We note that the main economies in the region and country peers have their growth prospects even lower due to the global slowdown in the economy. Activity,” Balisagan affirmed.
Despite the external and domestic risks to the country’s growth outlook, Balisakan was optimistic, outlining the government’s strategies to deal with such threats, including inter-agency operations, non-monetary measures to address supply-side constraints and food prices and acceleration. Effective implementation of programs to increase government expenditure.
He also stressed the importance of promoting the country’s demographic transition, highlighting the need to build infrastructure and encourage job-creating investments that can absorb the influx of younger workers.
„To capitalize on this asset of a young and dynamic workforce, we need to implement a strategy — albeit sometimes tricky — that sustains massive infrastructure spending,” Balisagon said.
He sees the government’s recent reforms to improve the investment climate in the country to boost massive infrastructure spending in the coming years. The recently signed Public-Private Partnership (PPP) Code was highlighted by Ballysaken, who noted how the law will address several concerns related to the legal and regulatory regime for PPPs. – Ticket investments. PR
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