In at least two social media posts, President Ferdinand “Bongbong” Marcos Jr. claimed that the Philippine economy is leading all Asian countries in the growth of projected gross domestic product (GDP) based on the International Monetary Fund (IMF) report in April. This is false.
STATEMENT
The president posted a photo of the Philippines’ GDP growth forecast compared to Asian countries which bore the caption:
“Nangunguna ang ekonomiya ng Pilipinas sa buong Asya sa 6% nitong projected GDP growth ayon sa World Economic Outlook na inilabas ng International Monetary Fund nitong Abril.”
(The Philippine economy is leading in all of Asia with a 6% projected GDP growth based on the World Economic Outlook that the International Monetary Fund published this April.)
Source: Bongbong Marcos’ official Facebook and Twitter accounts, Nangunguna ang ekonomiya… (archived links), April 21, 2023
The Department of Finance published a similar tweet two days later:
“In its WEO (April 2023), the IMF raised the country’s growth forecast from 5% to 6% — the highest in Asia — and lowered the global growth projection from 2.9% to 2.8%.”
Source: Department of Finance official Twitter account, The @IMFNews expects… (archived), April 23, 2023
On April 20, VERA Files Fact Check noted the same post in the president’s Twitter account that labeled India and China as members of the Association of Southeast Asian Nations (ASEAN). It has since been deleted.
FACT
Contrary to the claim, the Philippines does not have the highest projected GDP growth among Asian countries. It ranks fourth in the IMF’s 30 emerging and developing economies in the region, with a projected GDP growth of 6%. Palau holds the top spot with 8.7%, followed by Maldives with 7.2%.
While the Philippines leads ASEAN members in terms of estimated GDP growth this year, IMF projections show that in 2024, the economy will slow down to 5.8% growth.
India and China are not members of the ASEAN nor have they been among the founding states of the group.
BACKSTORY
The IMF revised the Philippines’ 2023 projected GDP growth to 6% in April, from 5.0% in January this year.
The increase could be attributed to China’s reopening of its economy, which would benefit the Philippines, said Krishna Srinivasan, director of IMF’s Asia-Pacific Department.
However, the IMF lowered its global GDP growth outlook to 2.8%, from 2.9% in its previous forecast in late January. It foresees growth to settle at 3.0% by 2028, which the fund describes as “the lowest medium-term forecast in decades.”
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Sources
Bongbong Marcos’ official Facebook and Twitter accounts, Nangunguna ang ekonomiya…, April 21, 2023
Department of Finance official Twitter account, The @IMFNews expects…, April 23, 2023
Bongbong Marcos’ official Twitter account, Lalo pa nating…, April 20, 2023
Association of Southeast Asian Nations (ASEAN), About ASEAN, Accessed April 26, 2023
International Monetary Fund, Emerging and Developing Economies in Asia, April 11, 2023
International Monetary Fund, Database—WEO Groups and Aggregates Information, October 2021
Association of Southeast Asian Nations (ASEAN), ASEAN member states, Accessed April 26, 2023
Association of Southeast Asian Nations (ASEAN), History: The Founding of ASEAN, Accessed April 26, 2023
Backstory
-
- Business World Online, MF hikes Philippine growth outlook, April 12, 2023
- Manila Bulletin, IMF raises PH 2023 growth forecast to 6%, April 12, 2023
- CNN Philippines, IMF hikes PH growth outlook for 2023 to 6%, April 12, 2023
- International Monetary Fund, Transcript of April 2023 Asia and Pacific Department Press Briefing, April 13, 2023
- International Monetary Fund, World Economic Outlook: A Rocky Recovery, April 11, 2023
- International Monetary Fund, World Economic Outlook: Inflation Peaking Amid Low Growth, Jan. 31, 2023
- World Economic Forum, IMF warns of weakest medium-term global growth outlook in 30 years, and other economy stories you need to read this week, April 14, 2023
(Guided by the code of principles of the International Fact-Checking Network at Poynter, VERA Files tracks the false claims, flip-flops, misleading statements of public officials and figures, and debunks them with factual evidence. Find out more about this initiative and our methodology.)
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