MANILA — The Philippine economy remains one of the fastest-growing in Asia despite global challenges such as geopolitical conflicts and trade uncertainties, Finance Secretary Ralph Recto said.

Speaking at the post-State of the Nation Address (SONA) conference in San Juan City, Recto said the country continues to create jobs and sustain growth, with the Marcos administration posting an average economic growth rate of 5.9 percent since 2022.

“Kung titingnan natin, we are [one] of the fastest-growing economies. We’re able to create jobs, and if we can grow by 6 to 7 percent annually for the next 10 years, that will double the size of the Philippine economy,” Recto said.

He projected that the economy could expand to PHP37 trillion by 2028 if this momentum is sustained.

Recto said global events such as the Russia-Ukraine war and Middle East unrest have driven up food and fuel prices worldwide, but the Philippines remains resilient. He noted that while the global economy is expected to grow by around 3 percent this year, the Philippines is forecast to grow by more than 6 percent.

The finance chief also reported a decrease in inflation to 1.4 percent as of June, alongside record-high labor force participation. As of May 2025, some 52.33 million Filipinos were in the labor force, with wage and salary workers accounting for 31.6 million.

“Ibig sabihin, mas dekalidad na iyong trabaho dito ngayon sa Pilipinas kumpara sa nakaraang administrasyon,” he said.

Tariff impact

In a separate interview, Recto addressed concerns over the 19 percent reciprocal tariff on Philippine exports, saying the overall impact remains favorable to the country.

“We have one of the lowest tariffs in the world… so beneficial sa atin ‘yun. Siyempre tatamaan din iyong exports natin initially, but as a whole, it looks like we have a better deal than many other countries,” he said.

He added that reduced tariffs on U.S. pharmaceutical products and wheat would benefit Filipino consumers by lowering the prices of medicines and bread.

“Hindi naman lahat ibababa, not all imports. Pinili lang natin—especially those that do not compete with local industries and [are] beneficial to consumers,” Recto said. (PNA)