PSA: GDP ng Pilipinas, bahagyang bumagal sa 3rd quarter ng 2024 kumpara noong nakaraang taon

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00:00The gross domestic product of the country decreased in the third quarter of the year compared to the same period in 2023.

00:08Let's find out what was the reason for this, in the words of Alan Francisco.

00:15The vegetable vendor, Norma, felt the effects of the floods in the country.

00:20One of the effects was the difficult lifting of vegetables and the increase in their price from their supplier.

00:28Especially the leaves, the pechay, the eggplants. The natives were affected by the floods.

00:35How much was the price of pechay in the past?

00:36The price of pechay in the past was 80 pesos, now it's 150 pesos.

00:40Because of this, her income was also affected.

00:43She is also tied to the current retail price from the Agriculture Department

00:48and they also need to balance the affordability of their products.

00:53We are being monitored by the DA, MDAD, and the City Hall.

00:57Of course, we don't know if we will be penalized because you will be sent immediately.

01:04According to the National Economic and Development Authority, ONEDA,

01:07the slow production of agricultural products has the biggest impact on the slow economy of the country in the third quarter of 2024.

01:17According to the latest report of the Philippine Statistics Authority,

01:21the gross domestic product or GDP of the country is at 5.2% in the third quarter of 2024.

01:28This is a slow progress compared to 2023, which was at 6.0% at the same time.

01:35The crops of the agriculture sector posted a year-on-year decline of 2.8%.

01:43Reflecting the impacts of the El Niño phenomenon during the planting season

01:48and the effects of seven typhoons in addition to the Habagat during the harvest season.

01:55According to ONEDA, even the tourism industry is also affected by the recent typhoons

02:00because leisure-related spending has slowed and flights have been canceled.

02:06The same is true for the production of fish because of the fishing bans in Cavite and Bataan

02:12which reached almost a month after the oil spill and bad weather.

02:18Livestock production in the country is also slowing due to the outbreak of the African Swine Fever.

02:23But according to ONEDA, they are also working on ways to slow the economy.

02:29We must aggressively push for the sustained implementation of our infrastructure drive.

02:35Ensuring that we provide adequate fiscal support to our flagship products

02:40and expedite the processes necessary for the timely rollout of public and private investments.

02:47In this regard, it is imperative that we intensify our efforts to improve the ease-of-doing business

02:55and elevate our competitiveness to further strengthen investor interest and confidence.

03:02The Philippines will also continue its partnership with the United Arab Emirates and the European Union

03:07to expand the market of non-traditional products such as halal-related commodities and service trade.

03:13Even in different industries and schools,

03:16for the re-skilling and up-skilling of Filipino workers,

03:20there must be a steady job.

03:23Undeterred, the Marcos administration remains steadfast

03:26in its goal of genuine social and economic transformation.

03:30Leading our nation closer to realizing a stable, sustainable and prosperous life for all Filipinos.

03:37According to the PSA, some of the sectors that can contribute to the economic recovery of the country

03:42are wholesale and retail trade, repair of motor vehicles and motorcycles,

03:47financial activities and construction.

03:50Alan Francisco for Pagmansang TV in Bagong, Philippines.

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