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Philippines poised to become Asian tiger economy, says trade chief

Trade and Industry Secretary Alfredo Pascual is optimistic about the Philippines becoming a leading tiger economy in Asia, backed by strategic government efforts to enhance economic activities. Speaking at an Italian Chamber of Commerce event in Makati City, Pascual highlighted the Philippines’ 5.6% GDP growth in 2023, surpassing other major Asian economies. He attributed this performance to factors like private consumption, lower oil prices, increased public and private investments, and strong macroeconomic fundamentals. Pascual emphasised the DTI’s role in promoting sectors like mining, renewable energy, and electric vehicle manufacturing, alongside the robust semiconductor and IT-BPO industries. With the Philippine Development Plan 2023-2028 and key legislative initiatives, he foresees accelerated economic growth and the Philippines’ rise as a prime investment destination


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