Mandaluyong city: The Marcos administration has made progress in strengthening the country’s macroeconomic fundamentals while remaining committed to sustaining economic growth, according to Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan. In a briefing, Balisacan highlighted the Philippines’ status as one of Asia’s fastest-growing economies from 2023 to the first quarter of 2025.

According to Philippines News Agency, unemployment has fallen below pre-pandemic levels, and underemployment has declined during 2023 and 2024. The poverty incidence dropped to 15.5 percent in 2023, lifting approximately 2.4 million Filipinos above the poverty line. Balisacan also reported a significant easing of inflation, which decreased from a high of 8.7 percent in January 2023 to 1.4 percent in June 2025.

Balisacan mentioned that the Philippines is on the verge of achieving upper-middle-income status. “In the World Bank’s estimates of GNI (gross national income) per capita for 2024, we were short of just 26 dollars to become an upper middle-income country,” he stated.

Despite these gains, Balisacan acknowledged that not all development objectives have been met. “As the President (Ferdinand R. Marcos Jr.) rightly pointed out, improvements in our economic indicators mean little if they do not translate into better lives for the ordinary Filipino. While we have made meaningful progress, the second half of the administration will be crucial in addressing persistent challenges and accelerating service delivery, especially in areas that matter most to our people,” he noted.

Looking ahead to 2025-2028, Balisacan emphasized the administration’s commitment to sustaining rapid and inclusive economic growth. “We do this by promoting economic diversification, maintaining sound macroeconomic fundamentals, strengthening competitiveness and innovation, and reducing poverty to single-digit levels by the end of the term,” he said. He also stressed the importance of collaboration, stating, “Transformation for all requires transformation by all. Better coordination and partnerships between the national and local governments, between the executive and legislative branches, and among the public and private sectors and our development partners will be crucial.”