Economy On The Path Of Recovery --- Diokno

Finance Secretary Benjamin E. Diokno has expressed full confidence in the ongoing recovery and progress of the Philippine economy.

Secretary Diokno expressed confidence that the Philippines will achieve the lower end of its growth target of 6.0 to 7.0 percent for 2023 and accelerate at 6.5 to 8.0 percent from 2024 to 2028. I Photo: Department. of Finance Facebook

Diokno cited the country's robust economic performance in the first three quarters of the year, positive gross domestic product (GDP) forecasts by international financial institutions, and the comprehensive policy thrusts of the Marcos, Jr. administration to accelerate economic development.

During the Pilipinas Conference 2023 on November 22, 2023, Secretary Diokno highlighted the bright economic outlook, strong revenue-enhancing reforms, and the country's resilience in the face of challenges.

The conference, hosted by the Stratbase ADR Institute, aimed to stimulate ideas and discussions on pressing societal issues.

Under the theme "The Path Towards Economic Security: Turning Global Risks into Opportunities," the conference brought together leaders from the government, business sector, and diplomatic community to address challenges shaping the Philippines and the Indo-Pacific region.

Secretary Diokno participated in the first panel discussion titled "Economic Outlook and Strategies for 2024," alongside other key government officials. He emphasized that the Philippines achieved the strongest third-quarter growth in the region, posting a 5.9 percent expansion.

The country's GDP growth for the first three quarters of 2023 reached 5.5 percent, outpacing China, Indonesia, Vietnam, Malaysia, and Singapore.

The strong growth was attributed to higher revenue collections, easing inflation, and continuous improvements in the job market. Despite external risks and domestic challenges, Secretary Diokno asserted that the Philippines remains a bright spot in the region.

Foreign financial institutions, such as the World Bank and the ASEAN+3 Macroeconomic Research Office, have provided positive growth forecasts for the Philippines.

The World Bank expects the country to outpace its East Asia and Pacific peers at 5.6 percent in 2023. AMRO projects the Philippines to have the highest growth in Southeast Asia in both 2023 and 2024, at 5.9 and 6.5 percent, respectively.

Secretary Diokno expressed confidence that the Philippines will achieve the lower end of its growth target of 6.0 to 7.0 percent for 2023 and accelerate at 6.5 to 8.0 percent from 2024 to 2028.

The Marcos, Jr. administration's focus on macroeconomic stability and fiscal sustainability includes the implementation of the country's first-ever Medium-Term Fiscal Framework (MTFF). Key reforms under the MTFF include the Real Property Valuation and Assessment Reform Bill, the Passive Income and Financial Intermediaries Taxation Bill, and taxation measures on sweetened beverages, junk food, single-use plastics, and the mining fiscal regime.

Secretary Diokno emphasized that these measures aim to improve tax administration, enhance the fairness and efficiency of the tax system, and promote environmental sustainability to address climate change.

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