President Ferdinand “Bongbong” Marcos Jr. spoke to diplomats on Saturday, sharing many reasons for the Philippines to be thankful for the past year, despite challenges. He mentioned how the country has done well in many areas and has good plans for the future.
Marcos highlighted the country’s strong economy in 2024. For example:
- The economy grew by 5.8% in the first nine months of the year, making the Philippines one of the strongest economies in Asia.
- The Philippines made the most money in the past 27 years, collecting P4.42 trillion, which is 16.7% of the country’s total economic output (GDP).
- The country also got the highest score in debt transparency, which means the government is being very clear about how it handles money.
- For the first time, the Philippines got a credit rating upgrade, showing that international companies are confident in the country.
- The unemployment rate dropped to just 4.0%, which is great news for everyone looking for work.
Marcos believes these strong economic factors will help the Philippines reach “upper middle-income” status this year, which is a big step forward for the country’s future.
He also mentioned the importance of improving infrastructure, making it easier to do business, and increasing competition to help the economy grow even more. These efforts will attract investments and support businesses in the Philippines.
Over the past two and a half years, Marcos has focused on strengthening relationships with other countries. The Philippines now has more diplomatic ties, including opening embassies in Europe and Latin America. Four new embassies are planned for North America, Asia, and the Pacific by 2025, bringing the total number of diplomatic posts to 102.
Marcos also emphasized the Philippines’ goal to join the United Nations Security Council, which would help the country take on more leadership roles in global matters. He asked for support from other countries for the Philippines’ candidacy.
Finally, Marcos thanked the diplomats for their partnership and support of the Philippines’ efforts to improve both socially and economically. He ended his speech with a toast to continued collaboration and friendship with other nations.
