PH GDP increased 5.7%

Transcript

00:00A tenth of a percentage uptick in the country's GDP in the first quarter of the year is just

00:05the highlight piece.

00:06And if the country's economic managers and technocrats play their cards right, the full-length

00:11feature, a year-ending growth north of 6 percent, is not far-fetched.

00:16Our Denise Osorio hashes over the numbers of this welcome development, indicating the

00:20economy is on the right track.

00:24The Philippine Statistics Authority and the National Economic Development Authority, or

00:28NEDA, announced on Thursday the country's GDP has followed a steady trend from January

00:32to March this year.

00:34According to PSA Undersecretary Dennis Mapa, the country's GDP increased by 5.7 percent

00:39this year, compared to 5.5 percent at the end of 2023.

00:43Meanwhile, NEDA Secretary Arsenio Balisacan added that growth for the first quarter are

00:48from the finance and insurance sectors at 10 percent, wholesale and retail at 6.4 percent,

00:54and manufacturing at 4.5 percent.

00:56Other major economic sectors such as agriculture, forestry and fisheries posted a combined four-tenths

01:02of a percent uptick.

01:04Additionally, tourism-related activities continue to aid in the nation's economic growth.

01:08We have many of these IFPs, the infrastructure flagship projects, and they're varying stages

01:18of implementation.

01:19These are big things that are potentially game-changers, supporting a lot of job generation

01:32and growth for the economy.

01:36And broadly, we are keeping our target of 5 to 6 percent of our GDP spent on infrastructure.

01:47However, growth of the agricultural sector has slowed due to the damage caused by El

01:51Niño.

01:52The Philippines still remains one of the emerging countries in Asia.

01:55Balisacan said the GDP of the Philippines is higher compared to China and India.

02:00Meanwhile, the Department of Budget and Management reaffirmed the country's position and acknowledged

02:05the country's growth mark is accurate.

02:07Denise Osorio from the National TV Network for a new and better Philippines.