It was a comprehensive accounting of the state of the nation, delivered in exactly 120 minutes and full of optimism for the future. Know more:
IT was a comprehensive accounting of the state of the nation, delivered in exactly 120 minutes and full of optimism for the future.
The numbers the President cited are solid—our gross domestic product expanded 7.6 percent in 2022, the highest growth rate in 46 years. This was followed by a 6.4-percent growth in the first quarter of 2023, one of the fastest in the region. While consumer prices remain a challenge, the inflation rate has been on a downtrend from 8.7 percent in January 2023 to 5.4 percent in June, and is on track to ease further by the fourth quarter.
The President vowed to keep infrastructure spending at 5 percent to 6 percent of our GDP, which means it will remain a priority until 2028. Major infrastructure projects are ongoing—and many are expected to be completed under his term. The President is committed to “decarbonization” and addressing the impact of climate change—a recognition that despite our little contribution to global warming, we are doing our part to mitigate its impact.
The President looks at nurturing the growth of the services sector, particularly the information technology-business process management sector and the tourism industry. He said the Philippines welcomed nearly 3 million foreign visitors in the first half of 2023, representing 62 percent of the 4.8-million target for the whole year.
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