President Ferdinand “Bongbong” Marcos Jr. told the diplomatic community on Saturday that the Philippines had ”plenty of reasons” to be grateful for the past year despite headwinds.
”Notwithstanding evolving global challenges and their impact on all nations, there are plenty of reasons to be grateful for the past year and still more cause to be hopeful for what lies ahead,” Marcos said in his speech during the annual Vin D’ Honneur in Malacañang.
Marcos highlighted the Philippines’ economic performance in 2024:
— The Philippine economy remained among the strongest in Asia, expanding 5.8% for the first three quarters of last year.
— The highest revenue collection in the last 27 years was recorded in 2024 at P4.42 trillion, accounting for 16.7% of GDP.
— In 2024, the Philippines scored the highest in debt transparency among the 50 countries surveyed by the Institute of International Finance.
— In 2024, the Philippines earned its first-ever credit rating upgrade of “A- with stable outlook” from Rating and Investment Information, Inc. (R&I), and an “upgrade of outlook to positive” from S&P Global Ratings.
— The unemployment rate has dropped to 4.0%
”With strong macroeconomic fundamentals, we are confident that the country will be able to hit this year the GNI per capita range set by the World Bank to reach upper middle-income country (UMIC) status, coming off from an all-time high record registered in 2023 to the tune of $4,335 or P241,165,” Marcos said.
Marcos added that his administration ”is committed to accelerating infrastructure investments, enhancing the ease of doing business, and boosting national competitiveness.”
”These will support businesses, attract foreign investments, and spur higher economic growth,” he said.
Two and a half years since assuming the presidency, Marcos said the Philippines has ”embarked on a diplomatic agenda that leverages international partnerships, which have translated to increased bilateral engagements and cooperation with traditional partners and new allies in key economic sectors and security areas.”
Marcos also said the Philippines opened four embassies in Europe and in Latin America last year.
Four foreign service posts will be opened in North America, in Asia, and the Pacific to bring the total number of posts to 102 by the end of 2025, he added.
Last year, several embassies also opened in Manila, including Bahrain and Slovenia.
The chief executive said the Philippines is in a ”very strong position” to take on more leadership roles in multilateral diplomacy, citing the country’s bid for a non-permanent seat on the United Nations Security Council for the term 2027-2028.
“Our candidature is consistent with our long-held view that we need to further strengthen multilateralism through efforts that will reform the Security Council and revitalize the General Assembly,” he said.
”I take this opportunity anew to convey to your respective governments our earnest request for your support for our UNSC bid, and we hope for your support when the time comes when we are indeed sitting as a member of the Security Council.”
Marcos then thanked the members of the Diplomatic Corps for being able partners and for supporting the government in its various social and economic programs.
“So allow me to make a toast to another year of partnerships and collaboration with you, with your countries, and enduring friendships between our countries and, even more importantly, our peoples,” he said. —VBL, GMA Integrated News
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