The Philippines is on track to strong recovery, Budget Secretary Amenah Pangandaman told international financial institutions in Washington.
"This is not without basis," Pangandaman was quoted by the Budget department as having said during a roundtable last week where she discussed the country's expenditure program and shared her optimism about the Philippine economy.
Budget Secretary Amenah F. Pangandaman presented the country’s expenditure program, as well as the priority budget reforms of the Marcos Jr. Administration during the “PH Dialogue: Economic Performance and Outlook,” a discussion between the Philippines’ economic managers and investors from the United States on October 15, 2022.
"Businesses, consumers and the government all agree that the Philippines is on track toward a strong recovery," she added.
Pangandaman also presented the Marcos administration's budget priorities for 2023 to address continuing external challenges.
"We are committed to investing in our people through major social and human development expenditures," she said, citing allocations for education, social protection and health, among others.
Pangandaman noted that the 2023 national budget of P5.268 trillion, which is 4.9 percent more than this year's outlay, represents about 22.2 percent of gross domestic product.
During the meeting, the Budget chief also expressed hope that more US companies and investors would invest in the Philippines.
"We hope that you will join us in our journey toward economic transformation by investing in the Philippines," she said.
"On our part, we are providing our investors with a conducive regulatory environment to make your time and investment in the Philippines worthwhile."
Source: Manila Times