Paraphrase and summarize this article I sent, and make sense of how it relates to the relevancy GDP or Development of the Philippines:

In retrospect, the high point of July is President Ferdinand R. Marcos, Jr.’s second State of the Nation Address (SONA), a yearly event where the sitting president reports to the nation on his accomplishments as chief executive. Marcos Jr. gave a long discourse on the state of the country’s economy but fell short of reporting on the state of foreign affairs – a subject which was much anticipated by the diplomatic corps who listened to his SONA inside the presidential palace. Nothing was also heard about corruption, human rights, and peace talks with the Leftist armed revolutionary movement. Four days before Marcos Jr.’s address, the Center for People Empowerment in Governance (CenPEG) held its 15th State of the Presidency (SOP) during a well-covered press forum. This will be the subject of a discussion later in this paper.

Maharlika Investment Fund

In domestic affairs, Marcos Jr. approved on July 18 the bicameral bill Maharlika Investment Fund (MIF) which drew flak from critics. Economists from the premier University of the Philippines said the fund was signed into law way too fast by international standards where other countries take years and was railroaded without consulting the public whose money will be put into the fund. Further, they averred, Maharlika “violates fundamental principles of economics and finance and poses serious risks to the economy and the public sector.” It is quite concerning, they said, that the MIF bill contained no provisions regarding bankruptcy and resolution. “This might mean that, implicitly, the Philippine government will still shoulder in the end any liabilities or losses that may arise from the MIF” and may very well add to the country’s already huge debt burden and crowd out funds for key government programs and investments.

On a fair note, the President signed the New Agrarian Emancipation Act that condones over PhP57-billion worth of loans of more than 600,000 agrarian reform beneficiaries (ARBs). The agrarian reform secretary said 32,441 land titles will be given to 27,132 beneficiaries nationwide. The titles cover 1,173,101.575 hectares of agrarian reform lands.
Not articulated in the President’s SONA was the state of corruption or at least what he envisioned to do with the bureaucratic malady that continues to drain the country’s scarce resources through so-called development projects, infrastructure development, and other channels. In its 2022 Corruption Perception Index (CPI) last February, the Berlin-based Transparency International (TI) watchdog ranked the Philippines 116th of 180 countries scoring 33 points on a scale of 0 (highly corrupt) to 100 (very clean). From 2012 to 2020, the Philippines teetered between the scores 34 and 38. Former President Benigno Aquino III (2010-2016) bannered his presidency as “transformative” (“kung walang korap, walang mahirap” / no corruption, no poverty) but ended up as an administration with some of the worst corruption cases exemplified by the congressional pork barrel concealed under “development projects” and the highly-sensational Napoles scam which involved ranking congressional leaders, among others.

Other disappointing notes in the SONA are: inflation, a priority concern of 63% Filipinos; GDP growth down to 6.4% in the first quarter of 2023 compared to the more Human Development Index (HDI) growth indicator which at 0.718 placed the Philippines 107th in the world (compared to Singapore’s 0.938); and the rise of foreign debt to PhP14.15 trillion indicating higher government spending against earnings. Among ASEAN, the Philippines continues to trail its peer neighbors Singapore, Malaysia, and Thailand.