WATCH: President Ferdinand Marcos Jr. on the 7.6% gross domestic product growth in the third quarter of 2022: That’s a very good news for us. | via annafelicia_ 🎥: OPS RELATED STORY:
The Philippine economy accelerated in the third quarter of the year — the first quarter of the Marcos administration — despite a high inflation environment, the Philippine Statistics Authority reported on Thursday.
Balisacan said the Philippine economy is on track to hit the government’s target band of 6.5% to 7.5% growth for 2022. “In this time of heightened global uncertainty and elevated consumer prices, this high-growth performance in the third quarter bodes well for our efforts to ensure quality job creation and poverty reduction to achieve inclusive growth,” the NEDA chief said.
“The relaxation of border restrictions and more simplified travel protocols also supported the growth of local tourism and other sectors severely affected by the pandemic, leading to economic expansion in the third quarter. The growth in these sectors brought by our collective efforts to jumpstart the economy runs in parallel with the rise in the country’s labor force,” he added.
“So, clearly the fact that the economy continued to perform and even accelerated in the last quarter suggests a good deal of confidence in the administration,” he said.“Will that be sustained? I believe so. With the trust that you have, and what we are telegraphing to our investors that the Philippine economy is open for business, listen to our investors and what constraints they face and do our best to address constraints so that they can provide quality jobs for our poor men,” Balisacan said.
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