Marcos says Philippines to resist ‘recessionary forces’

P hilippines President Ferdinand Marcos Jr said his economy would resist global recessionary headwinds, but warned that increasing tensions in the South China Sea were harming trade.
Marcos was bullish about the country’s economic prospects in a speech on Wednesday at the World Economic Forum’s (WEF) annual meeting, which has been dominated by talk of an impending global recession brought on by the cost of living and energy crises.
“My belief is that as long as the unemployment rate stays low, we will be able to resist the recessionary forces,” he said.
He said the upskilling of his country’s labour force was powering the economic growth, including remittances from overseas workers.
But increasing tensions in the South China Sea were affecting trade on all of the exchanges in the region, he said.