The Makati Business Club (MBC) remains optimistic that the country will achieve the 6 to 7 percent gross domestic product (GDP) growth target of the government by the end of 2023. This, as the government reported that the Philippine economy grew by 4.3 percent in April to June 2023, which is below estimates and slower than the 6.4 percent GDP growth in the first quarter. ‘MBC hopes for better growth prospects for next quarter, as usual, we are rooting for the Philippine economy to achieve its growth target of 6 to 7 percent,’ MBC executive director Coco Alcuaz said in an email to answer reporters’ queries. Alcuaz cited economic reforms that the Marcos administration needs to implement to support the supply side of the economy and help in sustaining the country’s GDP expansion in the long term. ‘These include the Ease of Paying Taxes bill to ease MSMEs (micro, small and medium enterprises) of administrative burden so they can focus on job creation, the passage of the amendments to the PPP (Public-Private Partnership) Act to accelerate further infrastructure projects, and a business-friendly but safeguarded Apprenticeship bill to accelerate reskilling and upskilling,’ he said. The business group is also looking forward to reaping the fruits of recently passed reforms, such as the Public Service Act and the amendments to the Renewable Energy Act, as well as the benefits of the country’s accession to the Regional Comprehensive Economic Partnership.
Source: Philippines News Agency