State Dining Room, Malacañan Palace 
November 28, 2023

President Ferdinand R. Marcos Jr. discussed measures to maintain the resilience of the Philippine economy amid the global economic slowdown during a sectoral meeting at the State Dining Room, Malacañan Palace.

The Department of Finance (DOF) reported that the country’s economic growth of 5.9% in the third quarter of 2023 remains broad-based as all sectors posted positive growth, solidifying the Philippines’ position as one of the fastest-growing economies in Asia. The country also maintains investor-grade credit ratings from FitchRatings, Japan Credit Rating Agency, S&P Global Ratings, Moody’s and R&I.

To address inflation, the Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO) continues to implement and monitor measures to mitigate inflation. These measures include fast-tracking the response to the impact of recent typhoons and implementing the El Niño Mitigation and Adaptation Plan, and protecting vulnerable sectors such as the agriculture and transport, among others.

The DOF recommended pursuing catch-up plans for the fourth quarter of 2023 and avoiding underspending in S1 2024. This is aimed at improving budget utilization rate and addressing problems in program and project implementation. Additionally, it proposed expediting the implementation of big-ticket projects in the last quarter of the year to further decrease total disbursements, and for agencies to conduct Early Procurement Activities (EPAs) to ensure that government programs and projects are implemented as scheduled, particularly for multi-year infrastructure projects.

In conclusion, the DOF noted that the strength of the Philippine economy rests on firm macroeconomic fundamentals and a robust policy toolkit that promotes rapid, sustainable and inclusive growth.

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