Marcos administration lauded for economic growth

President Ferdinand Marcos Jr. took office amid global pandemic recovery efforts and economic challenges in 2022.  Now, his administration is being lauded by leading business figures for steering the Philippines towards robust economic growth.

Marcos inherited a nation grappling with the lingering effects of the Covid-19 pandemic. Governments worldwide faced the delicate balance of public health protection and economic revival.

At the halfway point of his six-year term, the Marcos administration highlights one of the fastest-growing economies in the region. This achievement comes even as some sectors continue to recover from the pandemic's impact and adapt to shifts in consumer behavior.

Top Filipino tycoons and conglomerates shared their experiences under Marcos' leadership over the past three years.

Manuel V. Pangilinan, chairman of telecommunications giant PLDT Inc., noted that President Marcos Jr. "took office at a time of great global and domestic uncertainty—from the lingering effects of the pandemic to geopolitical and economic volatility." When Marcos took office in June 2022, the economy was in recovery but faced rising inflation, largely due to global factors, and high public debt incurred during the pandemic response. The job market was improving, though the Philippine peso was depreciating against the United States dollar.

The Marcos administration immediately focused on fiscal sustainability and attracting investments. Pangilinan credited the President with bringing "a sense of stability and continuity to government." He added that Marcos' emphasis on infrastructure, agriculture, and digitalization aligns with the private sector's long-term priorities. Pangilinan also praised Marcos' "openness to public-private collaboration," describing him as a "thoughtful and curious leader" who is "solutions-oriented." Pangilinan also leads the power generator and distributor Manila Electric Co. (Meralco) and conglomerate Metro Pacific Investments Corp. (MPIC).

Ramon S. Ang, chairman and chief executive officer of San Miguel Corp. (SMC), stated: "The economy has shown steady growth over the past three years under the Marcos administration, recovering from the pandemic and staying ahead of many others in the region." Ang added that "several important reforms and infrastructure projects have moved forward, despite difficult conditions."

The Philippine economy, measured by gross domestic product (GDP), has grown at an average annual rate of 6.6 percent during President Marcos' term. However, the President’s economic team recently trimmed its growth target for this year to between 5.5 and 6.5 percent, from the previous band of six to eight percent. Ang noted that global uncertainties, including developments in the Middle East, continue to pose risks. He emphasized the importance of government and business working together to stay prepared.

While the business community has generally expressed satisfaction, Pangilinan admitted that "there is still much work to be done—for both the public and private sectors—particularly in lifting more Filipinos out of poverty." He added this is "one of the President’s main priorities."

As President Marcos enters the second half of his term, the business community has affirmed its commitment to a continued and deepening partnership with his administration. Pangilinan stated that "the President has been a great ally of businesses," expressing hope for a deeper "productive relationship between government and business."

For Kevin L. Tan, president and CEO of Alliance Global Group Inc., the Marcos administration has been "nothing short of transformative," delivering "meaningful and lasting impact on the lives of Filipinos." Tan, whose conglomerate controls Megaworld Corp., Emperador Inc., and Travellers International Hotel Group Inc., underscored the nation's "resilient and sustained economic growth" under Marcos' leadership. He affirmed their continued support for the government’s "revitalized agenda of advancing tourism, modernizing infrastructure, and fostering inclusive economic progress."

Frederic C. DyBuncio, president and CEO of the Sy-led SM Investments Corp. (SMIC), described the past three years as a period of "consistent and sustainable growth." DyBuncio explained that the SM Group’s strong performance was "anchored on the synergy of our core businesses and the strength of the Philippine consumer-driven economy." He highlighted their 2024 results, where the conglomerate posted %u20B182.6 billion ($1.4 billion) in consolidated net income, a seven percent increase from 2023, on revenues of %u20B1654.8 billion ($11.1 billion). DyBuncio stated this strong showing "reflects our broader purpose of helping enable a thriving today and tomorrow—for our customers, business partners, the environment, and the communities we proudly serve."