President Ferdinand Marcos Jr. has remained committed to economic reforms aimed at improving the lives of Filipinos.
Among the key reforms are liberalization, privatization, and globalization.
In 2024, Marcos Jr. vowed to strengthen the economy, with particular emphasis on agriculture, after inflation dropped to its lowest level in December 2023.
His strategies include timely trade policy deployment and sustained investments in irrigation, flood control, logistics, and climate change adaptation.
A major component of these reforms is the push for globalization through standardization of economic practices.
In January, the President directed the Maritime Industry Authority (MARINA) to align Philippine maritime practices with global standards. This includes modernizing domestic shipping, expanding overseas shipping, upgrading shipbuilding and repair, and developing a competitive maritime workforce.
Additionally, in March, during his visit to Germany, Marcos Jr. signed an agreement to reskill Filipino workers in digitalization and the green economy.
The renewal of the “Cooperation Program” between TESDA and Germany’s BIBB includes measures such as thematic visits per year, with both entities providing workplace and technical facilities for free.
Other measures include exchange on policy research and knowledge management, support evaluation for apprenticeship and dual training systems programs, and support evaluation and improvement of the Study on the Employment of Technical and Vocational Education and Training (TVET) Graduates (SETG).
A key part of the economic reform agenda is liberalizing restrictions on business operations. This includes the push for digital transformation, which helped Google expand its operations in the Philippines. In April, after a trilateral meeting with U.S. President Joe Biden and Japanese Prime Minister Kishida Fumio, Marcos Jr. met with Google executives to discuss enhancing cybersecurity and digital services in the country.
Privatization through public-private partnerships (PPP) has also helped reduce the government’s financial burden. One example is the privatization of Laguindingan Airport, which has been transformed into an international aviation hub by Aboitiz InfraCapital. This expansion increased the airport’s capacity from 1.6 million to 6.3 million passengers annually, driving regional growth and creating jobs.
In April, the expansion of Batangas Port also contributed to economic development. By decongesting Manila’s seaports, the project has facilitated the spread of economic activity to other regions, creating more business opportunities.
The expanded passenger terminal generated over 1,100 jobs and is expected to create another 1,800 jobs through related commercial activities.IMT
