Economic outlook is good under Marcos

CEBU – A noted economist and lawyer Franklin Quijano said the growth of the Philippine economy in 2022 was a good start for the Marcos administration, adding, the 7.6-percent economic growth is a good indicator for the current administration's performance benchmark.

Quijano, chairperson of the National Commission of Senior Citizens and former economics professor at the San Carlos University in Cebu, said: “Looking at it positively, baka naman magandang pangitain itong 7.6 [percent] as a performance benchmark dahil itong administrasyon na ito will have to perform well.”

He, however, acknowledged that much remains to be done in the coming years for the current administration to sustain economic growth, citing the occurrence of natural disasters has a negative economic implication, saying it is also a contributor to the country's gross domestic product (GDP).

The government's digital transformation bid and infrastructure development may help maintain the positive momentum of the Philippine economy, Quijano said and proposed the utilization and proper management of natural resources to enable the Marcos administration to achieve its economic agenda.

"We have so much in mineral resources even under our seas kaya nga nakikipag-away 'yung iba kasi maraming reserves doon sa ilalim. Ang asset ng Pilipinas, lalo sa ilalim ng lupa, hindi natin kinukuwenta. Therefore, kung ikuwenta natin ito,” he said.

Meanwhile, Assistant National Statistician Vivian Ilarina also noted that the Philippine Statistics Authority (PSA) is currently developing satellite accounts to allow the government to see the stock of natural resources in the country, including minerals, energy, and water. “We are pursuing this. Importante ito (this vital), especially for the Philippines. Now, we are rich in natural resources, we need to account for them. Once you extract the gold and other minerals, then that becomes part of the GDP,” she said.

To further boost the economy, Ilarina stressed the need for government agencies to implement policies, programs, and interventions based on the data collected by the PSA. “It is up to the other agencies like the Department of Agriculture to do their own interventions, programs based on the data we are releasing. We, in the PSA, collect the data, present them to everybody and it's up for the users to really analyze them,” she said.

The country's 7.6-percent annual growth in 2022 exceeded the government's 6.5 to 7.5 percent growth assumption for the year and the highest after the 8.8 percent in 1976, according to the PSA report. Even President Ferdinand Marcos Jr. said his administration intends to attract more investments to sustain the growth momentum of the Philippine economy. (Ruth Abbey Gita-Carlos)