The decision by President Ferdinand R. Marcos Jr. to ease Covid-19 protocols and reopen the country to tourists and investors in the first semester of his presidency has begun generating more FDI and putting our economy on the mend.
“The most remarkable feat of President [Ferdinand] Marcos [Jr.] thus far comprise his decisive moves on the public health and economic fronts that sent a loud and clear message to the world that the Philippines has reopened fully for business on his watch despite the lingering Covid-19 pandemic,” Villafuerte was quoted in a statement as saying.
The lawmaker expressed confidence that the Marcos administration can keep the Philippines on high-growth mode in 2023 and onwards partly because of the President’s apt decision to sustain the unprecedented level of mega investments of the past administration in public infrastructure, “considering that infra spending has the highest multiplier effect on the economy.
Estimates by the National Economic and Development Authority and private analysts have put GDP growth at 6 percent to 7 percent this year, on the back of sustained domestic consumption and investments, Villafuerte said.AS a result of the relaxed Covid-19 health protocols, Villafuerte said the Department of Tourism reported that the number of visitor arrivals soared to 2.46 million by November 2022, or nearly 45 percent higher than the original target of 1.7 million, and expected to hit 2.
The International Monetary Fund earlier predicted that over a third of the world’s economies would suffer economic contractions, with a 25 percent possibility that the global GDP would grow in 2023 by less than 2 percent.
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