President Ferdinand "Bongbong" Marcos Jr. on Wednesday said the Philippine economy is expected to outperform its regional peers.
During the Philippine Economic Briefing in Singapore, President Marcos said his administration is committed to establishing an even more competitive business climate conducive to high-value investments.
The President said more investments translate to more jobs and a better life for all Filipinos, adding that the Philippines is on a steady path to a strong recovery from the pandemic and robust economic expansion.
"The Philippines welcomes the next six years with optimism, grounded on a favorable investment policy environment, sound macroeconomic fundamentals, and the strong and decisive economic team," he said.
President Marcos said the Philippines is implementing an eight-point socioeconomic agenda that underscores that commitment through broad-based job creation, expansion of the digital infrastructure and promotion of research across the country.
"This strategy will enable us to reduce poverty sharply and upgrade the country to upper middle-income status," he said, assuring that the country will exercise fiscal prudence to fulfill that agenda.
Meanwhile, the Department of Finance and Bangko Sentral ng Pilipinas said that the Philippine economic team successfully briefed the international business and finance communities in Singapore on the Philippines' robust economic performance and investment opportunities.
Finance Secretary Benjamin Diokno said it is the best time to invest in the Philippines.
"Our economic prospects are bright and promising," said Diokno.
"The country's solid macroeconomic fundamentals reinforced by structural reforms enabled us to withstand the headwinds of the pandemic and mount a strong recovery," he added.
Diokno also shared how the Philippines' growth outlook is supported by the full reopening of the economy and key structural reforms including the enactment of the Corporate Recovery and Tax Incentives for Enterprises Act, the Amendments to the Foreign Investments Act, Amendments to the Retail Trade Liberalization Act and Amendments to the Public Service Act.
The Finance secretary shared the economic team's Medium-Term Fiscal Framework, which will serve as the blueprint to reduce fiscal deficit, promote fiscal sustainability and enable robust economic growth.
"We face the next six years with full confidence in our bold socioeconomic agenda," the Finance chief underscored.