Arsenio Balisacan

𝐈𝐍 𝐏𝐇𝐎𝐓𝐎𝐒: Following the 10th NEDA Board Meeting held last Oct. 13, 2023, NEDA Secretary @ambalisacan gave updates on the approvals made by the NEDA Board in a press briefing at the Malacañang organized by the Presidential Communications Office (PCO).

𝐈𝐍 𝐏𝐇𝐎𝐓𝐎𝐒: The Legislative-Executive Development Advisory Council (LEDAC) convened earlier today to discuss priority bills that are crucial to the nation's social and economic transformation agenda. Sec. @ambalisacan is the Head of the Secretariat of the LEDAC.

𝐈𝐍 𝐏𝐇𝐎𝐓𝐎𝐒: NEDA Secretary @ambalisacan gives a warm welcome to the new Malaysian Ambassador to the Philippines Dato' Abdul Malik Melvin Castelino and his delegation as they pay a visit on the Secretary at the NEDA Central Office today, July 21, 2023. @myembassymanila

Happening Now: The Philippine Economic Briefing in Singapore. Key message: The Philippines is more open for business than ever before, and we eagerly anticipate working with investors and business leaders to create a more prosperous, inclusive, and resilient nation.

It’s not the lack of jobs that critically hinders the nation’s poverty reduction - it’s the low level of investment that generates high-quality, highly remunerative jobs. It’s for this reason that we’re making a big push in sharing the country’s growth narrative to stir investors' & business leaders’ interest to grow with us—to invest in the Philippines—for shared prosperity.

The latest GPCCI Survey (Spring 2023) shows that German companies are broadly optimistic about business prospects in the Philippines. We’ll push on with further improving & reforming our business & investment climate to sustain confidence in the economy.

The April 2023 Labor Force Survey (LFS) results demonstrate a significant improvement in the country's labor market, while also highlighting areas that require further attention, particularly in terms of employment quality. The unemployment rate significantly improved to 4.5 percent in April 2023 from 5.7 percent in the same period last year, resulting in 506,000 fewer unemployed individuals. The underemployment rate also declined to 12.9 percent from 14.0 percent, equivalent to 199,000 fewer underemployed individuals year-on-year.

My sincere gratitude to the Canadian Chamber of Commerce of the Philippines for hosting me tonight as we gathered to acknowledge and celebrate the exceptional achievements of the winners and finalists of the International ICT Awards since IICTAP’s launch in 2007.

Philippine inflation continued to slow down for the fourth consecutive month in May 2023, falling to 6.1% from 6.6% in April 2023. The May 2023 inflation is the lowest year-on-year inflation rate since July 2022. We expect further inflation easing in the coming months.

The Philippines is ranked in the top 5 among countries with the cheapest manufacturing costs, ahead of most of its peers in Asia. Still, we’ve much work to do to solidify the country’s position as a preferred investment & business destination.

The Regional Comprehensive Economic Partnership (RCEP) Agreement has entered into force for the Philippines today, June 2. The country’s entry into RCEP reinforces the current administration’s drive to open the country to robust opportunities for economic & social transformation.

At 2:32 AM today, the Philippine Senate passed in third reading the Maharlika Investment Fund Bill. Once it becomes a law, the measure will create the country’s first-ever sovereign investment fund.

It’s out!

With the appointment by President Ferdinand Marcos Jr. of the inaugural executive members representing the private sector, we now have a fully constituted National Innovation Council. The 25-member Council is the government’s highest policy-making body for national innovation development. It comprises the President as chairperson, the NEDA secretary as vice-chairperson, 16 Department secretaries, & 7 members from the private sector.

At the ADB reception in honor of President BongBong Marcos, ADB President Masatsugu Asakawa disclosed the Bank’s strong support of US$3.5 billion a year under the new ADB Country Partnership Strategy (CPS) for the Philippines, 2024-2029. The new CPS strongly focuses on climate action, connectivity investments, human development, and social protection. The much-scaled-up support aligns with the country’s Philippine Development Plan 2023-2028. We thank ADB for its robust, enduring support of Philippine development.

The Cabinet-level Economic Development Group (EDG) had its inaugural meeting yesterday. Its task is to “focus on harmonizing, coordinating, complementing, and synergizing efforts to ensure the country’s rapid, inclusive, & sustained growth.” Co-chaired by the DOF and NEDA secretaries, the EDG forms part of our implementation pillars to address the constraints to near & medium-term growth, including inflation, the threats of El Niño, & the external headwinds, particularly global trade slowdown.

Despite various risks & challenges, the economic outlook for the Philippines in the near and medium term remains solid. We are confident that we will reach our growth targets of 6.0% to 7.0% for this year and 6.5% to 8.0% for 2024 to 2028.

All major economic sectors recorder positive growth: agriculture, 2.2%; industry, 3.9%; services, 8.4%.

The Philippine economy grew 6.4% in the first quarter of 2023. This growth performance is higher than the median estimates of analysts reported by the media and well within the government’s target of 6.0% to 7.0% for 2023.