Prices of commodities have stabilized and reached a 46-year-high growth rate in spite of difficulties, President Ferdinand Marcos, Jr. said in his second State of the Nation Address (SONA) on Monday.

“Inflation is moving in the right direction,” Marcos said, citing that it eased from a 14-year high of 8.7 percent in January to 5.4 percent in June.

The Bangko Sentral ng Pilipinas forecast that inflation is expected to average by 5.4 percent this year before easing to 2.9 percent in 2024, he added.

“What this means is that in spite of all the difficulties, we are transforming the economy. We are stabilizing the prices of all critical commodities,” Marcos said.

Marcos said “while the global prospects were bleak, our economy posted a 7.6 percent growth in 2022, our highest growth rate in 46 years.”

He said the digital economy contributed to 2 percent or 9.4 percent of the gross domestic product (GDP).

“The economy is revived and rejuvenated, backstopped by an enabling environment and a strong rule of law,” he said.

According to Marcos, this is proof of the Philippines has “strong macroeconomic fundamentals”.

He said that the country’s financial system “remains strong and stable” and the banks have “have strong capital and liquidity positions”.

“On matters of the economy, there are many things over which we have no control. But over those where we do have control, we are doing everything we can,” Marcos said.

Marcos said the government is intensifying measures to increase production and building more infrastructure to speed up flow of products and services in accordance to the Philippine Development Plan. Jaspearl Tan/DMS