ADRi Virtual Business RTD: “Economic Outlook for 2023: Building the Momentum Through an Investment-Led Growth”

With the global economic uncertainties that created financial volatility and hindered development for emerging economies, it is imperative for the Philippines to become a viable and attractive investment destination for long-term growth and development.

While the Philippine economy expanded by 7.6% in the third quarter of 2022 and the unemployment rate in November 2022 eased to 4.2%, much still needs to be done. The Business Expectations Survey of the Bangko Sentral ng Pilipinas (BSP) showed that business sentiment in the fourth quarter of 2022 weakened due to higher inflation, peso depreciation, decline in sales and demand, rising costs of production inputs, and higher interest rates. Moreover, the top concerns of Filipinos on the ground remain highly economic in nature. A survey conducted by Pulse Asia Research Inc. in November 2022 found that controlling inflation was identified by Filipinos as their most urgent national concern (59%), followed by increasing the pay of workers (40%), creating more jobs (33%), and reducing poverty (28%).

Indeed, investments are a crucial tool in increasing the nation’s productivity while also generating employment and providing income security. To attain investment-led growth, the government must create a business environment that enables growth and innovation through market-friendly public policies, transparency, and good governance. Mutual collaboration between the public and private sectors is vital to withstand global economic shocks and help rebuild the Philippines into a more resilient nation.

This event seeks to bring together the country’s economic experts to share their outlook for 2023 and their insights on adopting an investment-driven strategy toward ensuring inclusive and sustainable economic growth.

Program

Introduction and Opening Remarks
Prof. Victor Andres “Dindo” C. Manhit
President, Stratbase ADR Institute

Revitalizing the Economy Amid Uncertainties: Investments in Human and Social Infrastructure
Dr. Ernesto Pernia
Former Secretary, National Economic and Development Authority (NEDA);
Professor Emeritus of Economics, University of the Philippines-Diliman

Outlook for the Philippine Economy
Mr. Jonathan Ravelas
Managing Director, eManagement for Business and Marketing Services

Improving the Environment for Job-Creating Investments
Mr. Diwa Guinigundo
Former Deputy Governor, Monetary and Economics Sector,
Bangko Sentral ng Pilipinas (BSP)

Philippine Economic Outlook Amid the Rapid Global Developments
Dr. Alvin Ang
Professor & Chair, Department of Economics, Ateneo de Manila University (ADMU);
Former Director, Ateneo Center for Economic Research and Development (ACERD)

Host & Moderator:
Ms. Mary Joyce Ilas
Communications and Advocacy Lead, Stratbase ADR Institute

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