Marcos unveils plans to sustain Philippines' economic recovery amid global uncertainty

Philippine President Ferdinand Romualdez Marcos (front) speaks during his first state of the nation address in Quezon City, the Philippines, July 25, 2022. Marcos, who won a six-year presidential term in May presidential election, on Monday unveiled his plans in his first state of the nation address to ensure economic growth amid global uncertainties. (Xinhua/Rouelle Umali)

MANILA, July 25 (Xinhua) -- Philippine President Ferdinand Romualdez Marcos on Monday unveiled his plans in his first state of the nation address to ensure economic growth amid global uncertainties.

Marcos, who won a six-year presidential term in May presidential election, focused on the people's immediate needs, such as food security and how to protect the poorest segments of the population from soaring prices.

"The recent past and the COVID-19 pandemic has beset the macroeconomic environment with challenges and a series of external shocks," Marcos said, noting that inflation has accelerated in recent months mainly due to an significant increase in international prices of oil and other vital commodities.

Still, Marcos told senators and congressmen that the Philippine economic growth momentum "remains firm" and will reach the growth target of 6.5 percent to 7.5 percent this year, as demonstrated by the strong gross domestic product (GDP) growth at 8.3 percent in first quarter.

On June 30, Marcos was sworn in as the 17th president of the Philippines, beginning his single six-year term.

Marcos stressed the need to modernize agriculture and strengthen the value chain from the farmers to the consumers, adding that agriculture is one of the main drivers of growth and employment in the country.

He expressed concern over the soaring food prices and the lack of supply, saying the government will provide loans and technical help to the farmers to increase farm production.

"We need a new breed of farmers equipped with modern agricultural technology able to engage in sustained scientific farming that will not only increase farm yields but also resilience," he said.

Marcos vowed to strengthen infrastructure by building and expanding the programs planned by the previous administration.

He also stressed the need to build more power plants. "We must increase the level of energy production and look at every possible option that would be appropriate for the Philippine situation," he said, encouraging more investments into the areas of renewable energy.

The new leader said his administration will also boost the tourism industry, by improving easier access to tourism spots. He vowed to upgrade and create more international airports to help decongest the bottleneck in the airport in the Philippine capital.

"We will also make it more convenient for travelers to go around the country, even to remote areas, to help promote undiscovered tourist spots," Marcos said. 

Philippine President Ferdinand Romualdez Marcos speaks during his first state of the nation address in Quezon City, the Philippines, July 25, 2022.

Marcos, who won a six-year presidential term in May presidential election, on Monday unveiled his plans in his first state of the nation address to ensure economic growth amid global uncertainties. (Xinhua/Rouelle Umali)

Philippine President Ferdinand Romualdez Marcos (C) is greeted by members of the Philippine House of Representatives during his first state of the nation address in Quezon City, the Philippines, July 25, 2022.

Marcos, who won a six-year presidential term in May presidential election, on Monday unveiled his plans in his first state of the nation address to ensure economic growth amid global uncertainties. (Xinhua/Rouelle Umali)

Philippine President Ferdinand Romualdez Marcos (C) is greeted by members of the Philippine House of Representatives during his first state of the nation address in Quezon City, the Philippines, July 25, 2022.

Marcos, who won a six-year presidential term in May presidential election, on Monday unveiled his plans in his first state of the nation address to ensure economic growth amid global uncertainties. (Xinhua/Rouelle Umali)

Philippine President Ferdinand Romualdez Marcos speaks during his first state of the nation address in Quezon City, the Philippines, July 25, 2022.

Marcos, who won a six-year presidential term in May presidential election, on Monday unveiled his plans in his first state of the nation address to ensure economic growth amid global uncertainties. (Xinhua/Rouelle Umali)

Philippine President Ferdinand Romualdez Marcos speaks during his first state of the nation address in Quezon City, the Philippines, July 25, 2022.

Marcos, who won a six-year presidential term in May presidential election, on Monday unveiled his plans in his first state of the nation address to ensure economic growth amid global uncertainties. (Xinhua/Rouelle Umali)

Philippine President Ferdinand Romualdez Marcos speaks during his first state of the nation address in Quezon City, the Philippines, July 25, 2022. Marcos, who won a six-year presidential term in May presidential election, on Monday unveiled his plans in his first state of the nation address to ensure economic growth amid global uncertainties. (Xinhua/Rouelle Umali)

Philippine President Ferdinand Romualdez Marcos speaks during his first state of the nation address in Quezon City, the Philippines, July 25, 2022. Marcos, who won a six-year presidential term in May presidential election, on Monday unveiled his plans in his first state of the nation address to ensure economic growth amid global uncertainties. (Xinhua/Rouelle Umali)