Marcos government embraces IMF’s economic assessment for the Philippines

The government’s economic team has welcomed the International Monetary Fund’s (IMF) recent assessment on the Philippines’ economic prospects, even as the growth outlook for this year was slashed.

“The findings, which noted the country’s strong post-pandemic economic recovery and the potential of the Maharlika Investment Fund and public-private partnerships in driving infrastructure development, provide much-needed insights into the Marcos administration’s policy roadmap,” Finance Secretary Benjamin Diokno said.

For her part, Budget Secretary Amenah Pangandaman said: “We welcome this report of the IMF acknowledging our Public Financial Management reforms and we will work even harder to achieve our economic targets and stay on track with our Agenda for Prosperity.”

The IMF revised downwards its full-year 2023 growth forecast to 5.3 percent considering the deceleration of the country’s growth to 4.3 percent in the second quarter.

Nevertheless, Diokno said the Philippines remains to be one of the fastest growing economies in the region even with the slower growth forecast.

According to the IMF’s preliminary findings, the Philippines is expected to post a growth rate of six percent in 2024, driven by the expected upswing in government spending and improved demand for Philippine exports.

“The DOF agrees with the IMF’s recommendation for a more ambitious revenue mobilization strategy to generate additional resources that can be utilized for social spending,” Diokno said.

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