The Marcos administration made progress in strengthening the country’s macroeconomic fundamentals but the government remains committed to sustaining economic growth, Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan said.
In a briefing in Mandaluyong City on Thursday, Balisacan said that from 2023 to the first quarter of 2025, the Philippines remained among Asia’s fastest-growing economies.
Balisacan said unemployment also fell below pre-pandemic levels, while underemployment declined in 2023 and 2024.
Poverty incidence went down to 15.5 percent in 2023, lifting an estimated 2.4 million Filipinos above the poverty line.
Balisacan said inflation likewise significantly eased from a high of 8.7 percent in January 2023 to just 1.4 percent in June 2025.
According to Balisacan, the Philippines is also poised to achieve upper-middle income status in the near term.
“In the World Bank’s estimates of GNI (gross national income) per capita for 2024, we were short of just 26 dollars to become an upper middle-income country,” he said.
Despite these gains, Balisacan noted that not all development objectives have been met yet.
“As the President (Ferdinand R. Marcos Jr.) rightly pointed out, improvements in our economic indicators mean little if they do not translate into better lives for the ordinary Filipino. While we have made meaningful progress, the second half of the administration will be crucial in addressing persistent challenges and accelerating service delivery, especially in areas that matter most to our people,” he said.
Balisacan said that from 2025 to 2028, the Marcos administration is committed to sustaining rapid and inclusive economic growth.
“We do this by promoting economic diversification, maintaining sound macroeconomic fundamentals, strengthening competitiveness and innovation, and reducing poverty to single-digit levels by the end of the term,” he said.
“Transformation for all requires transformation by all. Better coordination and partnerships between the national and local governments, between the executive and legislative branches, and among the public and private sectors and our development partners will be crucial,” he added. (PNA)
