Marcos to diplomats: Economy has recovered from pandemic

MANILA, Philippines — The Philippines has recovered from the impact of the COVID-19 pandemic and external conflicts, President Marcos said yesterday, as he called on members of the diplomatic community to work together to achieve peace and prosperity.

In a speech during the vin d’honneur in Malacañang, Marcos said the Philippines’ growth target of six to seven percent for 2023 is attainable because of improving economic conditions and the government’s catch-up spending.

He added that his administration has continued to manage overall inflation at 3.9 percent in December, which could bring the year’s overall inflation to six percent.

While the figure is still “a little high,” the President expressed hope that it would move in the correct direction.

“It is with confidence that I announce that the Philippines has... I could say (has) gotten back (on) its feet from the reeling effect of the pandemic and the subsequent shocks that we have suffered from the Ukraine war and now from the conflict in the Middle East,” Marcos said.

According to Marcos, the Philippines is touted to become one of the fastest-growing economies among major Asian countries in 2023 as forecast by multilateral organizations such as the Asian Development Bank, ASEAN+3 Macroeconomic Research Office, World Bank and the International Monetary Fund.

He also trumpeted the improvement in the unemployment rate, which declined to 3.6 percent in November last year, lower than the unemployment rate of 4.3 percent in October 2023 and November 2022.

Underemployment, the President said, also dropped to 11.7 percent in November from 14.4 in the same period during the previous year.

“I continue to enjoin the diplomatic corps to work closely with us in identifying areas where we can pursue joint and collective endeavors and initiatives,” Marcos said.

As the world grapples with geopolitical challenges, Marcos urged countries to find “sincere motivation to work together and tap the power of the collective in finding ways to solve political conflict to achieve peace and prosperity for all.”

He expressed hope that the members of the diplomatic corps would continue to serve as “abled agents” of their respective governments and countries in furthering the breadth and depth of the bilateral ties and in exploring collaboration in regional and multilateral fronts.

According to Marcos, the New Year is not just a fresh start but also the symbolic renewal of one’s social contract with the people, and commitment and obligation as a responsible member of the international community.

Vin d’honneur, which means “wine of honor,” is a reception hosted by the President at Malacañang. It is usually held on New Year’s Day and on Independence Day and is a gathering of government officials, lawmakers and members of the judiciary, the diplomatic corps and the business sector.