June 25, 2024

The Insider News

Direct from the source

Marcos: PH has recovered ‘back in business’

THE Philippines has gotten back on its feet from the effects of the coronavirus pandemic, the shocks from the Russia-Ukraine war and conflict in the Middle East, President Ferdinand R. Marcos Jr. announced on Thursday, as he called on the members of the diplomatic corps to work with his administration to achieve new heights.

“These, we hope to address in support of various partners and stakeholders. I continue to enjoin the diplomatic corps to work closely with us in identifying areas where we can pursue joint and collective endeavors and initiatives,” President Marcos said during the annual Vin D’ Honneur in Malacañang, stressing his readiness to tackle concerns on poverty, food security, peace and order, health, jobs, and livelihood.

“It is with confidence that I announce that the Philippines has… I could say [has] gotten back [on] its feet from the reeling effect of the pandemic and the subsequent shocks that we have suffered from the Ukraine war and now from the conflict in the Middle East.”

The Philippines going back in business is evidenced by the improving economic condition, and with the government’s catch-up spending, a growth target of 6 to 7 percent for 2023 could be seen, he said.

The administration has also continued to manage overall inflation at 3.9 percent in December, which could bring the year’s overall inflation to 6 percent, which, while still a little high, it hopefully moves in the correct direction, Marcos noted.

Also, the unemployment rate in November last year declined to 3.6 percent, lower than the unemployment rate of 4.3 percent in October 2023 and November of 2022, he pointed out, that adding underemployment likewise dropped to 11.7 percent in November from 14.4 in the same period a year prior.

“The Philippines is touted to become one of the fastest-growing economies among major Asian countries in 2023 as forecasted by multilateral organizations such as the ADB (Asian Development Bank), the ASEAN + 3 Macroeconomic Research Office, World Bank and the International Monetary Fund (IMF),” said the President.

Still, amidst geopolitical difficulties, Marcos earnestly called that countries find “sincere motivation to work together and tap the power of the collective in finding ways to solve political conflict to achieve peace and prosperity for all,” he said.

He expressed hope that the members of the diplomatic corps will continue to serve as abled agents of their respective governments and countries in furthering the breadth and depth of the bilateral ties, as well as in exploring collaboration in regional and multi-lateral fronts.

The President described the New Year not only as a fresh start in so many respects and levels but also the symbolic renewal of everyone’s social contract to their people, and commitment and obligation as a responsible member of the international community.

The Vin d’Honneur (pronounced “van duh nyur”) is a yearly traditional reception that takes place in Malacañan Palace to mark the New Year.

It is the annual New Year’s Reception hosted by the President of the Philippines as head of state, and by tradition, after the President plays host to Philippine officialdom and the diplomatic corps, other departments in turn host their own New Years’ receptions for their own officials and staff.

The term comes from the French practice, which means “wine of honor.” It traditionally takes place at the end of inaugurations, speeches, and ceremonies that marks the social life of the French provinces.