PH economy continues to grow;
Gov’t optimistic PH GDP to increase further
Gov’t optimistic PH GDP to increase further
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NewsTranscript
00:00 The government is encouraged by the favorable numbers regarding the economy that have been
00:04 recorded of late.
00:05 The Marcos administration, particularly the Department of Finance, is confident the country
00:10 will continue to build on such momentum to provide the best possible future for Filipinos.
00:16 Kenneth Paciente has the full report.
00:21 The country's economy continues to grow, as emphasized by the Department of Finance.
00:25 During the sectoral briefing at the palace earlier, economic managers presented to President
00:30 Ferdinand R. Marcos Jr. the situation of the country's economy.
00:34 According to Finance Secretary Benjamin Diokno, economic growth was recorded at 5.9 percent
00:39 in the first quarter of the year, also due to the acceleration of domestic demands.
00:43 "We're the fastest growing economies in Asia, okay?
00:48 5.9, that's the third quarter growth.
00:51 And then compared to Vietnam's 5.3, Indonesia's 4.9, 4.9 for China, Malaysia 3.3, and Singapore
00:58 0.7.
01:00 Now if you take the first three quarters, Q1 to Q3, the Philippines is still the fastest
01:09 growing.
01:10 So the average growth rate from the first to the third quarter is 5.5."
01:15 The government is confident the GDP will increase further next year to 6.5 percent to 8 percent
01:21 until the term of President Marcos Jr. ends.
01:24 "We should continue our anti-inflation drive.
01:28 Because lower inflation means more purchasing power for consumers.
01:35 And then efficient budget execution.
01:37 Maybe you remember in the second quarter, the budget implementation slowed down.
01:43 But we were able to recover in the third quarter, and we expect to continue the recovery in
01:49 the fourth quarter.
01:51 Navigate external headwinds.
01:54 So we monitor what's happening in the world.
01:59 And there's an interagency committee.
02:03 Now we monitor what's happening in the world.
02:10 And then we have to implement structural reforms."
02:13 The Interagency Committee on Inflation and Market Outlook was created with the aim of
02:17 curbing inflation.
02:19 This includes strengthening production, filling the domestic supply gap, monitoring market
02:24 developments and protecting the agriculture and transport sectors.
02:27 "We are applying science to anticipate the gap between how much the economy needs and
02:34 how much we need to increase.
02:37 And so we have to do that in a timely manner so the pressure is not too much."
02:44 The DOF pointed out, the employment situation of Filipinos at least helped in taming inflation.
02:49 "The quality of employment has improved.
02:52 The under-employment rate.
02:53 What does under-employment mean?
02:54 Under-employment means you have a job, but you ask, 'Are you looking for a better job?'
03:04 If you say yes, you're under-employed.
03:07 That used to be 26 percent.
03:09 Now it's the lowest ever, 10.4 percent.
03:12 So the employment situation has improved.
03:14 That's what will help our fellow Filipinos."
03:17 According to the Secretary, the country's debt-to-GDP ratio is manageable at 60.2 percent,
03:22 and insisted that borrowing is not bad as long as it is placed in the right investment.
03:27 That's why he underscored the importance of private sector, especially in the infrastructure
03:31 flagship projects.
03:32 "This time, we will use public-private partnership.
03:36 We will involve the private sector.
03:39 And so, next slide.
03:41 So next slide, out of 197 projects worth 8.7 trillion pesos, in public-private partnership,
03:55 there are some 41 projects which are called public-private partnership.
04:04 So we are involving the private sector."
04:11 Regarding the national budget for next year, Diokno said the president might sign this
04:16 before his trip to Japan in mid-December.
04:18 "I was talking to the liaison officer to do that.
04:25 The budget has been approved.
04:27 So they will go into conference committee by December 1st.
04:32 And so there's enough time before the president leaves."
04:35 Kenneth Paciente, for the Nation.