What Marcos said in his second SONA

mANILA — President ferdinand “Bongbong” marcos Jr.’s second state of the Nation Address (soNA) echoed his father, particularly his plans on agriculture, economy and infrastructure. his speech lasted for an hour and 11 minutes, bearing a mix of english and filipino depending on the subject matter at hand.

Below are the highlights of marcos’ second soNA.

Economy

• The Philippines’ Gross Domestic Product (GDP) or growth rate accelerated to 7.6% in 2022 from 5.7% in 2021 – the highest registered since 1976. this, however, went down to 6.4% in the first quarter of 2023, still within the 6 to 7% target of the administration. Growth rates represent the economic expansion of a country.

• The digital economy of the country contributed about P2 trillion, nearly making up a tenth of the GDP.

• Marcos owed this growth to the lifting of pandemic restrictions, the steady flow of remittances, the business process outsourcing (BPo) industry and job generation. “the economy is revived and rejuvenated,” he said.

Inflation

• The significant drop in the country’s inflation rate from 8.7% in January to 5.4% in June was said to stabilize prices of important commodities.

• Bangko Sentral ng Pilipinas (BSP) expects inflation to further ease by the end of the year, projecting a 2.9%