Improved WB projection means PH is on the right track – Romualdez

President Ferdinand “Bongbong” Marcos Jr. meets with World Bank officials during his working visit to the United States on September 22, 2022. (Photo from the Office of the President)

MANILA, Philippines — Philippines is on the right track of progress after World Bank projected that the country’s gross domestic product (GDP) will increase to 6 percent from 5.6 percent.

House Speaker Martin Romualdez said in a statement on Thursday.

He attributed this growth to the work of the executive and legislative branches of the government.

“This upgraded forecast reinforces the positive trajectory of the Philippine economy and demonstrates that we are on the right track towards recovery and progress. It is a testament to the resilience of our people, the dynamism of our businesses, and the stability of our economic fundamentals,” the Speaker said.

“The comprehensive and inclusive economic agenda of the administration of President Ferdinand R. Marcos, Jr., as well as the collaborative efforts between the Executive and Legislative branches, have proven fruitful in fostering an environment conducive to growth,” he added.

While the World Bank did increase its projection for the Philippines, it also noted that poor Filipinos need more social protection.

“It is essential to sustain improvements in social protection to help families, especially the poor and vulnerable, cope with economic difficulties as the country navigates the global slowdown, budget constraints, high prices of basic commodities, and climate-related risks,” said Ndiamé Diop, World Bank’s country director for Brunei, Malaysia, Philippines, and Thailand.

RELATED STORIES:

Growth forecast hiked as inflation risk lingers

IMF: Philippine economy to grow 6% in 2023, 5.5% to 6% in 2024

APL