(Davos / Manila Composite Electric) Philippine President President Marcos said that the Philippines can resist the global economic recession, but the increasing situation of the South China Sea is damaging international trade activities in the region.
Although the global economy was overwhelmed by the global economy and the energy crisis, Soccus said on Wednesday (January 18) in the World Economic Forum held in Davos, Switzerland that he is optimistic about the Philippine economic prospects.
He said: "I believe that as long as the Philippines maintains a low unemployment rate, it should be able to resist the pressure of recession." He pointed out that the Philippines improved labor quality and overseas labor remittances can promote the growth of the Philippine economy.
Magaks said earlier that the Philippine economy has increased by about 7 % this year. The economic foundation is stable, the financial management is prudent, and the reform of the main industries will help the Philippines to resist the possible global economic recession.
Little Marco leads the economic team and many Philippine corporate executives to reach Volt, ready to attract investment for infrastructure development plans.He also introduced the "Maharlika Investment Fund" created by the Potential Investors.
This fund will be provided by two state -owned banks in the Philippines with a initial capital of 75 billion pesos (about 1.82 billion yuan), and then withdrawn from the central bank's income to withdraw funds.The proposal to create this fund has been passed by the House of Representatives of Congress, and is currently waiting for the Senate for review.Some critics have paid attention to the transparency and management of this fund, and are worried that the fund will become a withdrawal machine for a political family.
P / Macas also mentioned the South China Sea with sovereignty disputes.He said that although the tension of the South China Sea "made him difficult to sleep all night", the Philippines was committed to achieving peace of the South China Sea.Whenever the Chinese or U.S. warships wear the Chinese Sea Vietnam, the tension is intensified, the Philippines can only wait and see as a "onlooker".
Sagas said in a dialogue with Brund, president of the World Economic Forum, said that he had no intention of increasing the Philippine military expenses because the Philippines "did not need to expand military reserve."He pointed out that the economic strength of the Philippines cannot be compared with the military power, such as China and the United States, so they will not increase the national defense budget, nor will they seek to solve the problem through military channels.
China has always advocated the sovereignty of almost the entire South China Sea, and the countries and regions that have also proposed some sovereignty in the South China Sea include the Philippines, Vietnam, Brunei, Malaysia and Taiwan.In 2016, the International Arbitration Tribunal determined that China had no legal basis for the sovereignty of the South China Sea.
When Macco visited China in early January, the Philippines and China stated that they were willing to properly handle the South China Sea dispute through friendly negotiation.
