Charting the course at the changing of the guard
- 2 years ago
One of the many crucial challenges awaiting the country's incoming president includes the apparent threats of the COVID-19 pandemic. This includes the mounting challenge of putting the country back on the path of economic recovery sustainably and consistently alongside other socio-economic and political challenges and issues that the country is faced with.
“The Philippine economy expanded by 8.3% in the first quarter of 2022 from a year earlier, as relaxed pandemic restrictions helped consumption after the January omicron outbreak. Gross domestic product grew faster than the previous quarter's 7.8%, marking a turnaround from the first three months of 2021 when the economy contracted 3.8%.”
The announcement by the Philippine Statistics Authority on Thursday came just three days after a national election won by Ferdinand "Bongbong" Marcos, Jr., son and namesake of the late president. Marcos Jr. ran as the continuity candidate, promising to maintain the infrastructure and public order policies of outgoing President Rodrigo Duterte.
Little else is publicly known of Marcos's economic agenda, aside from continuing Duterte's "Build Build Build" program having shunned presidential debates and media interviews. The government has earmarked 981 billion pesos ($18.8 billion), equivalent to 5% of GDP, for infrastructure projects this year.
Marcos has vowed to ease household costs by subsidizing rice and imposing a price cap on food staples. Ongoing pandemic cash handouts pushed up this quarter's average monthly deficit to 106 billion pesos, nearly twice the average of 55 billion pesos in 2019.
The government is aiming for a GDP expansion of 7% to 9% this year, and 6% to 7% in 2023 and 2024.
In The Manila Times (TMT) online business forum, titled “Charting the course at the changing of the guard”, confirmed speakers are the new Department of Finance (DOF) Secretary Benjamin E. Diokno, the new National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan, and the new Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla; as well as BPI President and CEO Jose Teodoro Limcaoco.
“The Philippine economy expanded by 8.3% in the first quarter of 2022 from a year earlier, as relaxed pandemic restrictions helped consumption after the January omicron outbreak. Gross domestic product grew faster than the previous quarter's 7.8%, marking a turnaround from the first three months of 2021 when the economy contracted 3.8%.”
The announcement by the Philippine Statistics Authority on Thursday came just three days after a national election won by Ferdinand "Bongbong" Marcos, Jr., son and namesake of the late president. Marcos Jr. ran as the continuity candidate, promising to maintain the infrastructure and public order policies of outgoing President Rodrigo Duterte.
Little else is publicly known of Marcos's economic agenda, aside from continuing Duterte's "Build Build Build" program having shunned presidential debates and media interviews. The government has earmarked 981 billion pesos ($18.8 billion), equivalent to 5% of GDP, for infrastructure projects this year.
Marcos has vowed to ease household costs by subsidizing rice and imposing a price cap on food staples. Ongoing pandemic cash handouts pushed up this quarter's average monthly deficit to 106 billion pesos, nearly twice the average of 55 billion pesos in 2019.
The government is aiming for a GDP expansion of 7% to 9% this year, and 6% to 7% in 2023 and 2024.
In The Manila Times (TMT) online business forum, titled “Charting the course at the changing of the guard”, confirmed speakers are the new Department of Finance (DOF) Secretary Benjamin E. Diokno, the new National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan, and the new Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla; as well as BPI President and CEO Jose Teodoro Limcaoco.