Marcos touts strong economy, easing inflation in congress speech

Philippine President Ferdinand Marcos Jr. said inflation is "stabilizing” and his government is doing everything it can to boost one of Asia’s best-performing economies.

Marcos, in his annual State of the Nation Address before Congress on Monday, said price pressures are expected to ease further by yearend. He also said the Southeast Asian nation’s macroeconomic fundamentals and financial system remain strong.

"The economy is revived and rejuvenated, backstopped by a favorable, enabling environment and strong rule of law,” Marcos said. He laid out billions pesos worth of water supply projects to prepare for a looming El Nino and committed that government will spend the equivalent of 5%-6% of gross domestic product on infrastructure to support economic growth.

The Philippines is one of Asia’s bright economic spots, growing faster than expected and outperforming its neighbors in the first quarter even as inflation remains above the central bank’s target and borrowing costs are at a 16-year high.