PH posts strong GDP of 6.3% in Q2 2024

Transcript

00:00A truly welcome development that came as no surprise, so what else is new?

00:05Still the latest 6.3% GDP growth posted by the country in the second quarter of this year,

00:11the second highest in the ASEAN. It's a full two percentage point jump from the last year's mark

00:16that our Soojin Kim dwells on at length to include the industries that fuel this

00:20latest GDP surge in this report. The Philippine economy posts a strong

00:28year-on-year gross domestic product or GDP growth of 6.3% in the second quarter of the year.

00:35This is a significant jump from the 4.3% recorded in the same quarter of last year.

00:41The industries of construction, transportation and storage as well as other services had the

00:46fastest growth in the second quarter. Meanwhile, gross national income expanded to 7%.

00:52Today, we are pleased to announce that the Philippine economy has sustained its robust

00:57growth trajectory, demonstrating resilience amid various domestic and external challenges.

01:04National Economic and Development Authority Secretary Arsenio Balisacan considers this

01:09development very encouraging. Our gross domestic product growth has

01:13accelerated, keeping us on track to achieve our target growth rate of 6% to 7% for 2024.

01:21In fact, the Philippine economy is once again among the frontrunners in the ASEAN,

01:26surpassing Malaysia, Indonesia and China. This performance keeps our position as one of

01:32Asia's best performing major emerging economies. The GDP expansion was driven by a significant

01:39increase of 11.5% in total investments, largely in construction.

01:44Public construction sustained double-digit growth of 20.8% from 12.1%.

01:52Private construction likewise accelerated, particularly commercial construction.

01:57Department of Budget and Management Secretary Amena Pangandaman lauds this win.

02:01Following the uptick in employment, Trabajo Party List Attorney Felimon Javier maintains

02:07this cements how economic reforms and policies under the Marcos administration are in top form.

02:13However, a year-on-year decline of 2.3% was noted in the agriculture sector due to the impact of

02:19adverse to extreme weather conditions. With the sector adversely affected by

02:23the El Nino phenomenon, food security remains government's most urgent priority.

02:28To protect our people from such economic shocks and sustain the momentum for poverty reduction.

02:35Meanwhile, Finance Secretary Ralph Recto and the NEDA Secretary expect

02:40inflation to cool down and settle within the target band.

02:44We expect it to revert to its longer-term downtrend

02:48as we aim for our target range of 2 to 4%.

02:52House Speaker Martin Romualdez reaffirms government's assurance that improvements

02:56in the Philippine economy will be felt by all Filipinos and not just a select few.

03:01Soojin Kim from the National TV Network for the New and Better Philippines.