The Philippine economy expanded at a faster pace in the third quarter from the previous quarter, supported by a turnaround in government spending.
National Statistician Dennis Mapa, at a press conference yesterday, said the country’s gross domestic product growth was at 5.9 percent in the third quarter, faster than the 4.3 percent in the second quarter.MANILA, Philippines —
Government final consumption expenditure accelerated in the third quarter at 6.7 percent, a reversal of the 7.1 percent contraction in the second quarter. While he believes the growth target for the year is “still doable,” he said the economy faces challenges such as threats from geopolitical tensions, as well as domestic inflation.“Inflation is key to the revival of the robust growth in consumption spending. And so the focus is ensuring that reduction, that decrease in inflation reported for October 2023 will be sustained in the coming months,” he said.
“We emphasize that non-monetary measures to protect the purchasing power of Filipinos remain crucial as we address the issue of high inflation,” he said. “Moving forward, Filipinos can expect that while global conditions will remain volatile and uncertain, the President has more tools to work with, thanks to good growth numbers for the past quarter,” Salceda, chairman of the House ways and means committee, added.
“So we can reasonably expect increased spending from our people. Business will anticipate this surge by producing more products and offering more services. We have already started seeing evidence of more economic activities during this season,” Gonzales said. Four Filipino seafarers were injured after Russia fired a missile at a civilian ship entering a Black Sea port in Ukraine’s...
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