Marcos touts fast growth, low inflation in June 12 toast
"We are confident that we will achieve the six percent GDP growth target in the coming quarters, driven by a steady fiscal consolidation, easing inflation, and progress in trade negotiations with key partners, amongst other initiatives," Marcos said.
President Ferdinand "Bongbong" Marcos Jr. on Thursday raised a toast to the Philippines' growth of 5.6% in the first quarter, the 1.3% inflation in May, and other gains that had him calling the country "an economic standout" in the region.
At the annual Independence Day Vin d'Honneur in Malacañang, Marcos also reported to the diplomatic corps the Philippines' exit from the Financial Action Task Force's grey list of countries under increased monitoring for money laundering and terrorism finance, and the enactment of laws expected to promote further growth.
"I am pleased to note that the Philippine economy grew 5.4 percent in the first quarter of 2025 and is among the fastest in the ASEAN region despite rising global volatilities. This includes growth for major economic sectors of agriculture, forestry, fishing, industry, and services," Marcos said.
"We are confident that we will achieve the six percent GDP growth target in the coming quarters, driven by a steady fiscal consolidation, easing inflation, and progress in trade negotiations with key partners, amongst other initiatives," he added.
"The forecast is supported by the IMF World Economic Outlook in April of 2025, which similarly painted a rosy projection for the Philippines to be the fastest-growing economy among ASEAN five countries in 2025," Marcos said.
As regards the inflation rate, Marcos said that it was the lowest since November 2019.
"It's a very encouraging development, not only as it creates a stable and predictable economic environment for businesses, but also because it increases the purchasing power of individuals and households, especially lower-income families," Marcos said.
Marcos thanked the diplomats for their countries' help and trust that resulted in the Philippines being taken off the FATF grey list.
"Adding to investors' confidence in the country is the exit of the Philippines from the Financial Action Task Force's greylist a few months ago. This we would not have achieved without the help and trust of your governments. So once again, thank you very much," Marcos said.
Marcos mentioned as the government's legislative and policy reforms aimed at improving the investment climate in both local and foreign investments.
These include:
Republic Act No. 12214 of the Capital Markets Efficiency Promotion Act, "which will encourage ordinary Filipinos to invest in the Philippines' capital markets and promote inclusive growth";
Corporate Recovery and Tax Incentives of Enterprises, which addresses concerns of value-added tax exemptions and gives investors the flexibility to enjoy income tax holidays, "designed to draw in more investors"; and
joint memorandum circular on strengthening the coordination and mechanism between and among investment facilitation network members integration of the provisions of Executive Order No. 18, Series 2023, "to seriously end bureaucratic red tape, improve the ease of doing business, and make the Philippines a more attractive destination for investors."
Marcos campaigned anew for the country's bid for a non-permanent seat in the United Nations Security Council for 2027 to 2028.
'We just finished an election, and I cannot stop campaigning. Our candidature is anchored in our country's legacy in multilateralism as evidenced by our history of forging cooperation and seeking peace. We earnestly hope to receive the support of your respective governments in that field,' Marcos said.
The Philippines has been a non-permanent member of the UN Security Council during the following years: 1957, 1963, 1980 to 1981, and 2004 to 2005.
"On this note, at this point, I would like to invite everyone to join me in a toast to everyone's very good health and long life," Marcos said.
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