San juan city: The Philippine economy continues to be one of the fastest-growing in Asia, despite various external challenges, as highlighted by Department of Finance Secretary Ralph Recto. During a post-State of the Nation Address conference in San Juan City, Recto emphasized the country’s robust economic growth and job creation under the Marcos administration.
According to Philippines News Agency, Recto stated that the Philippine economy has experienced an average expansion of 5.9 percent since 2022. This growth trajectory places it among the leading economies in Asia, even in the face of global uncertainties such as the Russia-Ukraine conflict, Middle Eastern tensions, and trade fluctuations worldwide. Recto noted that while the global economy is projected to grow by 3 percent this year, the Philippines anticipates an economic growth rate exceeding 6 percent.
Recto highlighted the ambitious target of transforming the Philippines into a PHP37 trillion economy by 2028. He also pointed out the government’s success in reducing the inflation rate to 1.4 percent by June, alongside record-high labor force participation, which reached 52.33 million Filipinos by May 2025. Wage and salary workers made up 31.6 million of these employed individuals, signifying an improvement in job quality compared to previous administrations.
In a separate discussion with reporters, Recto addressed the 19 percent reciprocal tariff on Philippine goods, asserting its overall benefit to the country due to its relatively low global tariff rates. Although acknowledging initial impacts on exports, Recto maintained that this tariff arrangement offers a more favorable deal than many other countries.
Recto further elaborated on the reduction of tariffs on specific US goods, such as pharmaceutical products and wheat. This move is expected to lower the prices of medicines and bread, though not all US imports will benefit from reduced tariffs. The focus, he explained, is on products that do not compete with local industries while providing advantages to consumers.
