Safeguarding the Philippine economy: BBM’s economic managers lay out blueprint for growth

President Bongbong Marcos’ economic team has laid out the administration’s strategies aimed at bolstering the nation’s economy amid ongoing domestic challenges and global uncertainties exacerbated by the pandemic.

Finance Secretary Ralph Recto, Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr., Special Assistant to the President for Investment and Economic Affairs Frederick Go, National Economic and Development Authority Secretary Arsenio Balisacan, and Department of Budget and Management Undersecretary Joselito Basilio convened at the Economic Journalists Association of the Philippines-San Miguel Corp. (EJAP-SMC) Economic Forum on Monday.

Recto emphasized that food security is the Marcos administration’s top priority, aiming to shield Filipinos from high food prices, which significantly impact inflation.

Balisacan highlighted the need for the Philippines to future-proof its economic growth by enhancing investment attractiveness and boosting exports.

He cited the economy’s heavy reliance on services, which have been a dominant driver of growth but underscored the importance of diversifying into manufacturing and agriculture.

“Historically, manufacturing growth has been pivotal in poverty reduction across Asia. Expanding manufacturing can absorb unskilled and semi-skilled labor, particularly from agriculture,” Balisacan said, highlighting the potential for broader economic inclusivity through diversified growth sectors.

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