Marcos: Our route has taken the Philippine economy in right direction

President Ferdinand "Bongbong" Marcos Jr. said Thursday that his administration appears to have taken the Philippine economy in the right direction.

"It looks like the route that we have taken is taking the economy in the right direction,” Marcos told business leaders in Cambodia on the sidelines of the 40th and 41st ASEAN Summits and Related Summits.

He, however, admitted that external forces remain a challenge as the Philippine economy tries to grow.

"And as I was telling some of the Cabinet members... I think the Philippine economy, the important elements are in place and you can feel that our economy is trying to grow but is really being pummeled by the forces outside of which we have no control," he added.

Marcos mentioned that when he assumed the presidency in June, his instruction to Cabinet members was to generate employment for Filipinos. 

"As I came into office, the economic team that we put together, my instructions to them was that first all is that we have to find jobs. And since after the pandemic, the rate of job — the rate of unemployment rose steeply and it was...one of the things that had to be prioritized," he said. 

He said the opportunities for investment in the Philippines are "much improved from what they were before."

"Simply because it has always been my belief that as we come out of the pandemic economy, the government cannot do the recovery alone, it needs partners. And when I say partners, I mean partners in the private sector," Marcos said. 

The Philippine Statistics Authority reported that the country's economy has accelerated in the third quarter of the year.

The economy as measured by gross domestic product (GDP) — the total value of goods and services produced in a specific period — grew by 7.6% during the July to September period, which is faster than the upwardly adjusted 7.5% GDP growth in the second quarter of 2022.

The Palace said the National Economic and Development Authority (NEDA) has assured the President that the country is still on track to achieving the government's growth target of 6.5 to 7.5% for 2022.

Marcos sees his attendance at and participation in the summits, scheduled from November 10 to 13, as a tool to promote and protect the country's interests in the region.

He said the ASEAN is a "very, very good opportunity for us to forge new partnerships and to strengthen those that have already existed for very long time."—Anna Felicia Bajo/AOL/VBL, GMA Integrated News