President Ferdinand R. Marcos Jr. said he believes it is “only a matter of time” before ordinary Filipinos start feeling the effects of economic growth in the country.
“Kaunting panahon na lang ay madadama na natin ang magagandang epekto nito sa ating ekonomiya at sa kabuhayan ng ating mga kababayan (It’s only a matter of time before we feel its good effects on our economy and the livelihood of our countrymen),” he said in his official Facebook page.
Marcos made this remark as he welcomed a report showing that investments registered with the Board of Investments (BOI) reached more than PHP414 billion in the first 40 days of 2023.
This amount accounts for more than 40 percent of the PHP1 trillion investment target for the year.
Earlier in the day, Department of Trade and Industry (DTI) Secretary Alfredo Pascual, who chairs the BOI, revised the bureau’s investment approval targets from PHP1 trillion to PHP1.5 trillion this year.
“Given the strong investment approvals for January, as well as the robust pipeline of investment leads, including those generated (through) Presidential visits, I have increased the 2023 investment registration target of BOI from PHP1 trillion to PHP1.5 trillion,” Pascual said in a BOI statement Thursday.
On Monday, Marcos called on key government agencies to intensify efforts to uplift the people’s economic condition, saying that their hard work would go to “waste” if it is not felt by ordinary Filipinos.
Although there are “many plans” to boost the economy’s growth, he said these gains would only matter if it trickles down to the people, especially the poor.
“Sabihin na natin gumanda nang husto ang ekonomiya ng Pilipinas, hindi naman bumababa at hindi naman nararamdaman ng taong-bayan eh sayang lang ang ating naging trabaho. Iilan lang ang yumayaman (Let’s say that the Philippine economy has improved a lot, but if it does not reach and is not felt by the people, then our work would just be a waste. Only a few get rich),” he said.
During his recent five-day trip to Japan, Marcos touted before Japanese investors and business leaders the Philippines’ “remarkable rebound” from the coronavirus disease 2019 (Covid-19) health crisis, saying the country is on track to reach the “upper-middle income” status by 2024.
He expressed confidence that the Philippine Development Plan 2023-2028 would help his administration transform the Philippines into a “prosperous, more inclusive, and resilient” nation.
The Philippines posted a 7.6 percent full-year growth in 2022, the highest in 46 years or since the country recorded an 8.8 percent growth in 1976. (PNA)
Photo credit: Official Gazette website