Finance Secretary Ralph Recto said the Philippine economy has remained resilient and is poised for growth in the next years.
He said this during the start of the two-day World Economic Forum (WEF) Country Roundtable on the Philippines with the theme, “Forging A Sustainable Future for the Philippines.”
The event aims to facilitate insightful discussions with international business leaders and build partnerships to support the country’s vision of becoming a dynamic and resilient economy that is driven by innovation, entrepreneurship, and strategic collaborations on the global stage.
The Roundtable is a joint effort between the Government of the Philippines and the WEF and is the first high-level roundtable to be convened in the Asia Pacific Region since the pandemic.
“The timing of our gathering could not have been more auspicious. These are very exciting times for the Philippines, and we want you to witness firsthand our promising growth story and become part of it,” Recto said in his remarks.
The Finance Chief showcased the Philippines’ stellar growth performance, solid credit profile, and steady fiscal consolidation as manifestations of its fiscal strength and economic resilience despite fierce global headwinds.
The Philippine economy grew the fastest in the Southeast Asian region in 2023, expanding by 5.6 percent. Multilateral organizations affirm the strength of the Philippine economy, expecting it to maintain its position as a frontrunner in Southeast Asia with a projected GDP growth of 5.8 percent to 6.3 percent in 2024.
“We consider this a strong vote of confidence in our ability to orchestrate a rapid economic expansion in the years to come,” Secretary Recto said.
WEF President Borge Brende also recognized the Philippines as the fastest-growing economy in the region, saying, “World Economic Forum economists have looked at the prospects—the prospects are very, very promising.”
Recto underscored that the optimism on the Philippine economy has a compelling basis, for it is underpinned by a proven track record of fiscal discipline and a long list of competitive advantages, such as its young demographic profile, favorable investment climate, business-friendly reforms, and ready-to-implement high-impact infrastructure flagship projects.
“We will illustrate how the Philippines is steadily advancing to become a global superpower. I trust that our discussions will swing wide open the doors to new opportunities for mutually beneficial partnerships,” he told the business leaders.
Among the participants of the WEF Roundtable on the Philippines are top global executives from the private sector’s energy, infrastructure, finance, banking, telecommunications, and marketing industries.
For his part, House of Representatives Speaker Martin Romualdez expressed optimism that the two-day World Economic Forum (WEF) Country Roundtable on the Philippines would drive more direct foreign investments into the country, creating more jobs and livelihood opportunities for Filipinos.
In a statement, Romualdez said the WEF Country Roundtable magnifies the visibility of the Philippines as a prime destination for investment, and underscores the commitment of the Marcos administration to fostering a conducive environment for economic growth and development.
“The WEF Country Roundtable amplifies our message of progress and prosperity, resonating with potential investors both at home and abroad. It reinforces the narrative of the Philippines as a dynamic and resilient economy, ripe with opportunities for those willing to partner with us in our journey towards shared prosperity,” he said.
In January, Romualdez, upon the instruction of President Ferdinand R. Marcos Jr., spearheaded the Philippine delegation to the WEF in its 2024 annual meet in Davos, Switzerland, laying the groundwork for the staging of the WEF Country Roundtable here.
