Philippines President Ferdinand Marcos Jr on Monday touted his administration's successes over the past year, including battling inflation and steering the economy back on track, but said a number of economic challenges lie ahead.
After more than a year in office, buffeted by soaring inflation that has dented economic growth, the government is now "stabilising the prices of all critical commodities", Marcos said.
To help keep consumer prices in check, Marcos said the government aimed to increase local food production, and augment supply with "timely and calibrated importation". The Philippines remains vulnerable to global price shocks because it buys a sizeable portion of its rice overseas, and relies on imports for most of its fuel requirements.
Marcos, the son of the strongman overthrown in a 1986 revolt, aims to expand the Philippine economy by as much as 8% to keep its place among Asia's fastest-growing countries, and halve the poverty rate, which was 18.1% in 2021, the most recent figure. In the speech before the joint session of Congress, Marcos urged lawmakers to support his priority measures, which include seeking to tax single use plastics and reform the pension system of military and uniformed personnel.
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