'My belief is that as long as the unemployment rate stays low, we will be able to resist the recessionary forces,' says Philippine President Ferdinand Marcos Jr. in a speech at the World Economic Forum's annual meeting.
Philippine President Ferdinand Marcos Jr said his economy would resist global recessionary headwinds, but warned that increasing tensions in the South China Sea were harming trade.
He said the upskilling of his country’s labor force was powering the economic growth, including remittances from overseas workers. “Our strong macroeconomic fundamentals, fiscal discipline, structural reforms and liberalization of key sectors instituted over the years have enabled us to withstand the negative shocks caused by the pandemic and succeeding economic downturns and map a route toward a strong recovery,” Marcos was quoted as saying in a statement his office issued on Wednesday.Marcos said the Philippine economy’s growth is thanks to the micro, small and medium enterprises in the country.
Pent-up domestic demand following the removal of pandemic restrictions propped up economic growth last year and will continue supporting consumer spending this year, Bangko Sentral ng Pilipinas Governor Felipe Medalla said on January 10.
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