President Ferdinand Marcos Jr. said he was confident that the Philippines would not fall into an economic recession despite surging inflation, which reached a 14-year high of 8 percent in November. | NCorralesINQ /PDI
Mr. Marcos added that the government was working to cushion the impact of high consumer prices, particularly on poor Filipinos.
The PSA also reported that the number of unemployed Filipinos decreased to 2.24 million in October from 3.5 million last year. On Tuesday, the President told an economic forum hosted by the Joint Foreign Chambers of the Philippines that while inflation was “running rampant and out of control,” the country was still on track “to maintain a strong economic performance” and achieve the government’s growth target of 6.5 to 7.5 percent for this year.
National Statistician Dennis Mapa said the country’s output of goods and services grew for the sixth quarter in a row.
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