New Finance Secretary Ralph Recto (File photo from Senate PRIB)
MANILA, Philippines — President Ferdinand “Bongbong” Marcos Jr. warned of dark clouds hovering on the horizon.
He made the alert as he welcomed into his cabinet the newly-sworn Finance Secretary Ralph Recto and Presidential Adviser Frederick Go in Malacañang.
Marcos explained Philippines is moving past the havoc wreaked by the COVID-19 pandemic.
“While the future looks bright, dark clouds still gather on the horizon, unleashing headwinds that will temper, maybe even damage or trample our optimistic outlook,” said the President.
He said there are escalating geopolitical tensions abroad that can dampen global trade, tighten global financing, and trigger food and fuel shocks that can raise inflation.
The President said, “We are watching it very, very closely.”
“Here at home, there is a distinct possibility of the beginnings of El Niño,” noted Marcos.
According to the Chief Executive, government will have to cushion the impact with timely interventions so that food prices will not surge.
“The challenge before all of us, then, is not just to grow the economy, but to make sure that such growth is felt by people of all parts of society,” he said.
Marcos added he wants growth to be felt, not just through increasing family incomes, but it must be seen in improvements on infrastructure, healthcare, and education.