Highlights 2024: Economic growth seen under PBBM Administration

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00:00Despite rising oil prices, disruptions in the global supply chain and all the nasty

00:05weather and natural calamities that hit the country, especially in the last half of the

00:10year, the state of the economy is strong and poised for even more improvement.

00:15A record unemployment rate in the last two decades, inflation kept tame and well within

00:21the forecast range of 2 to 4 percent, and a Eureka discovery.

00:25The distaff demographic in the job market that has held on over the long haul as we

00:30hear the highlights from our Joshua Garcia.

00:39About 1.03 million female workers joined the labor force.

00:44Overall, ito ay 1.9 percent overall, ibig sabihin lang nun, tumaas pa rin pero sa mas

00:50mabagal na antas.

00:54This year, the progress of the economy under the administration of President Ferdinand

00:58R. Marcus Jr. is undeniable.

01:01Looking ahead, a bright future is still visible as we approach the year 2025.

01:06A key highlight is a decrease in the unemployment rate, which has dropped to 4.0 percent, significantly

01:11lower compared to 2023.

01:14This is the lowest recorded in nearly two decades.

01:16According to data from the Philippine Statistics Authority, one of the major contributors to

01:20this improvement is the increased participation of women in the labor workforce, where many

01:25of them are staying longer in their jobs.

01:28Year on year, between August 2023 and August 2024, about 1.03 million female workers joined

01:37the labor force, and about 1.03 million then were absorbed in the labor market, ibig sabihin

01:43employed sila.

01:44In addition, the government continues its efforts through its initiatives, investments

01:49from the private sector in the growing digital economy.

01:52According to the National Economic Development Authority, or NEDA, one of the government's

01:56top priorities continues to be improving the quality and income of Philippine workers,

02:01a key factor in strengthening the country's economy.

02:03Despite the challenges posed by inflation in 2022 and 2023, the rate has slowed down

02:09and showed stability, even with global supply chain disruptions and rising oil prices in

02:14the international market.

02:15Umaba yung inflation rate natin, ibig sabihin lang nun, bumagal yung pagtaas ng ating presyo

02:21ng mga bilihin.

02:22Pero kung titingnan natin yung mga individual items or some group of items, mayroon talagang

02:29bumagsak, negative.

02:30Ibig sabihin, talagang bumaba yung presyo nya.

02:32So anong example nito, yung transport, gasolina, diesel, kamatis, o yun, mga negative yun.

02:40But overall, ito ay 1.9%, overall, ibig sabihin lang nun, tumaas pa rin pero sa mas mabagal

02:46na antas.

02:49Looking ahead to 2024, the market's administration is confident that the target of 6 to 6.5%

02:55economic growth, or GDP, will be achieved.

02:58If the economic agenda continues on track, the goal is to reach an 8% GDP growth by the

03:03end of this term in 2028.

03:06Step by step, the President envisions sustained and meaningful progress that will elevate

03:11the lives of all Filipinos working towards a future where every Filipino prospers and

03:16enjoy a life of abundance and opportunity.

03:18This has been Joshua Garcia, and this is Highlights 2024, for a new and better Philippines.

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