The President at Davos 2023: Highlights and issues raised

THE WORLD Economic Forum (WEF) concluded its Annual Meeting for this year last Jan. 20, after a five-day convention of government and business leaders across the world, including Philippine President Ferdinand R. Marcos, Jr. and several other government officials as well as the country’s prominent tycoons.

Held in Davos, Switzerland, the 53rd WEF Annual Meeting was themed “Cooperation in a Fragmented World.” It aimed to serve as a platform to participate in dialogues and help find solutions through public-private cooperation.

During the annual meeting, Mr. Marcos talked about the state of the country’s economy, among others, as well as secure some investments on the sidelines.

The president also joined in a High-Level Dialogue on “Investing in Infrastructure for Resilience” and opened a panel session on “Moving Towards Nutrition Security,” as the Presidential Communications Office (PCO) reported.

PHL ECONOMY

In his opening remarks during the Country Strategy Dialogue at the WEF,

Mr. Marcos highlighted the strength of the Philippine economy.

The PCO said the President cited the 2023 global economic growth projection of the International Monetary Fund (IMF), which is expected to be at 2.7%, slower than the previous year’s 3.2%.

“But for the Philippines, we project our economy to grow by around 7% in 2023. Our strong macroeconomic fundamentals, fiscal discipline, structural reforms, and liberalization of key sectors instituted over the years have enabled us to withstand the negative shocks caused by the pandemic and succeeding economic downturns and map a route toward a strong recovery,” Mr. Marcos was quoted as saying.

“We have seen inflation accelerating globally in recent months… We are mindful that while protectionist policies may be appealing, even necessary in the short term, there will ultimately be no long-term winners…We join the call for all governments to unwind any trade restrictions and reinforce our commitment to the World Trade Organization (WTO) reform,” he added.

Initiatives being carried out for the country’s continued recovery and making it more conducive for business were also shared by Mr. Marcos to investors during his opening remarks, the PCO said.

Mr. Marcos also claimed on Jan. 21 that economic leaders at the WEF tagged the country as part of the “VIP Club” of Southeast Asia for its economic performance.

However, IBON Foundation conveyed dismay over the Palace’s bullish assertion regarding the economy. In a Jan. 22 report by BusinessWorld, the think tank said that “facts show that last year was a tough one for poor and middle-class Filipinos.”

IBON also said that the relatively rapid growth seen in 2022 is a “misleading indicator of the economy’s trajectory,” as it was merely “a rebound from reopening and there was a statistical boost from being measured against the low base of an economy pressed down by lockdowns.”

The Philippine economy grew by 7.6% last year, according to data released by the Philippine Statistics Authority on Jan. 26. Last month, the government lowered its 2023 growth target to 6-7%.

INVESTMENT COMMITMENTS

During the WEF, Mr. Marcos also secured investment pledges from at least two foreign companies.