MANILA, Jan. 31 -- President Ferdinand R. Marcos Jr.'s efforts to encourage more investments into the country have paid off based on the fourth-quarter and full-year 2023 growth of the Philippine economy, a leader of the House of Representatives said on Wednesday.

House Ways and Means Committee chair, Albay Rep. Joey Salceda, said the Q4 and full-year gross domestic product (GDP) figures point to robust private sector long-term investment, with gross fixed capital formation being at a "very strong" 8.1 percent.

The Philippine economy grew by 5.6 percent in the fourth quarter of last year, bringing the full-year 2023 growth to 5.6 percent.

"This points to the work of the President in encouraging more investments into the country through...