Journalists asked to tell a coherent PH economic story

Finance Secretary Benjamin Diokno urged economic journalists to help the government tell a coherent narrative about the country’s bright economic story.

“I challenge you to explain to our people and the international community in comprehensible terms the strategic significance of what this administration is trying to do. You have the responsibility to bring coherence to the complexity of the Philippine economic story,” said Secretary Diokno at a forum of the Economic Journalists Association of the Philippines (EJAP).

Secretary Diokno said that the government relies on journalists to share the complete context of the country’s economic story not only with Filipinos but also with the rest of the world.

He recognized the strategic position of economic journalists in understanding and explaining to the public the socioeconomic priorities of the Marcos administration.

“You also have the power to spark greater interest in the Philippines as a viable investment destination. This can help fuel job creation for millions of Filipinos. Drumming up public support for our economic reforms and attractive investment climate is critical to our economic strategy,” said Secretary Diokno.

Secretary Diokno shared how well the economy performed in the first half of 2022, with a broad-based 7.4 percent gross domestic product (GDP) growth rate in the second quarter and a 19 percent year-on-year increase to USD 4.2 billion in foreign direct investments (FDI) for the first five months of the year .

He said that government revenues are on the rise, increasing by 16 percent year-on-year to P1.7 trillion in the first half of 2022.

The jobs market also continues to look bright, with the labor force participation rate in June 2022 reaching 64.8, higher than the previous month’s level of 64.0 percent.

Secretary Diokno said that the country’s overall solid macroeconomic fundamentals support the Marcos administration’s plan to build a robust economy for a faster, greener, and more inclusive growth that will be felt by the public.

“While the numbers tell us a promising story, the government will certainly not be complacent. We are committed to translating these bright prospects into reality for the Filipino people,” said Secretary Diokno.

Secretary Diokno said that the Philippine economic narrative is a story of readiness and deliberate action.

He urged journalists to use their platform to curb misinformation and draw attention to more important matters.

“Those who tell our story must do so with commitment to accuracy, fairness, and truth. I am confident that you will bear this responsibility with utmost integrity as we forge ahead into a brighter economic future,” said Secretary Diokno.