President Ferdinand ‘Bongbong’ Marcos Jr. is confident that the Philippines can take risks despite the impacts of the Ukraine-Russia war, including skyrocketed prices of different commodities and the havoc of various natural calamities.
In a report by RH Liezel Once, the chief executive is confident that his administration can efficiently respond to the effects of the increasing prices and services posed by the war.
During his intervention at the 2nd ASEAN Global Dialogue in Cambodia, Marcos profoundly stated that the continuous increase of inflation rate on different necessities such as food, fuel, and energy is caused by the war between Ukraine and Russia, as well as, the after-effects of natural calamities.
Through the Medium-Term Fiscal Program and the upcoming Philippine Development Plan which will be implemented between 2023-2028, however, the administration will target solutions for these challenges.
Marcos added that the country is starting to recover from the COVID-19 pandemic.
He noted that the GDP showed a 7.8% average growth rate of gross domestic products in the middle of the year, compared to 5.7% in 2021.
Nevertheless, Marcos admitted that the country is not yet ‘out-of-the-woods’ meaning that the country cannot maintain progress without the support of the other ASEAN countries.
