President Ferdinand Marcos Jr. expressed confidence that the Philippine economy will rebound through aggressive investments, attracting new investors, and implementing new business incentives. The President said the government is closely monitoring the threat of stagflation, a simultaneous economic slowdown and rising prices.
Government Measures Against Stagflation
To counter stagflation, the government has accelerated spending on public projects and launched measures to lower inflation. Direct assistance includes subsidies and fuel discounts for the transportation sector.
Support for MSMEs
The government will also focus on finding new ways to support Micro, Small and Medium Enterprises (MSMEs) to keep the country resilient against the global oil crisis. The President emphasized that supporting MSMEs is crucial because if these sectors remain strong, the country can mitigate the impact of the global oil crisis and other economic challenges.
These efforts aim to maintain economic stability and foster a favorable environment for business growth, ensuring long-term prosperity for the nation.
