Department of Trade and Industry (DTI) Secretary Alfredo Pascual is confident that the Philippines will re-emerge as a tiger economy in Asia supported by government programs to boost economic activities.
Pascual made the assurance Thursday at the business luncheon of Italian Chamber of Commerce in the Philippines, Inc. in Makati City, following the release of data showing that gross domestic product (GDP) for 2023 grew by 5.6 percent.
“The Philippine economy grew by 5.6 percent in 2023, outpacing major economies in Asia, such as China (5.2 percent), Vietnam (5.0 percent), and Malaysia (3.8 percent) based on the latest available data,” he said.
“This firmly establishes our country as one of the best-performing economies in the Asia-Pacific Region,” the trade chief added.
The trade chief noted that the Philippine economy this year will be driven by private consumption, falling oil prices, robust public spending, greater investments, macroeconomic fundamentals, investment-grade credit ratings, structural reforms, and increased demand for Philippine exports.
He added that the DTI is actively promoting the Philippines to the international community as an investment destination for mining and mineral processing, renewable energy, and electric vehicle manufacturing, supporting its already strong sectors of semiconductors and information technology and business process outsourcing.
The implementation of the Philippine Development Plan 2023-2028 as well as passing key legislations and policies will accelerate the economic growth, he said.
“With the collective efforts of the government, the private sector, and the Filipino people, I am confident that we will emerge as a premier investment hub and return to being the rising ‘Asian Tiger Economy’,” Pascual said.
The DTI chief said the Philippines is strengthening and expanding its free trade partners after it implemented the Regional Comprehensive Economic Partnership and concluded the Philippines-South Korea Free Trade Agreement (FTA) last year.
The DTI also has ongoing talks for pursuing FTAs with the European Union and the United Arab Emirates. (PNA)