Philippine economy grows faster by 7.6% in Q3 2022

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.

annafelicia_ Sir bongbongmarcos, ung mga magsasakang pinangakuan mo saan na? Abono sir 2500 ang isa dati 800 lang. ikaw na ang sec. Ano na? Puro ka naman ata pasyal. Salamat po

annafelicia_ Marcos Jr.: That makes sense though because the last piece of news we heard was the lowering of the unemployment rate so that means there's more economic activities and that's reflected now in the growth. | via annafelicia_

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Philippine stocks: Gainers, losers, market-moving news – November 2022Bookmark and refresh this page for the latest news and analysis on stock market movers, corporate and financial news, business deals, and the economy in the Philippines
Source: rapplerdotcom - 🏆 4. / 86 Read more »

Marcos: Our route has taken the Philippine economy in right direction"It looks like the route that we have taken is taking the economy in the right direction,” Marcos told business leaders in Cambodia at the sidelines of the 40th and 41st ASEAN Summits and Related Summits. What right direction is he talking about? When you started inflation was 6.1%. Now it's 7.7%. What direction are you talking about? Up? 'appears to have...' ang powtah.
Source: gmanews - 🏆 11. / 68 Read more »

Philippines' Q3 growth outpaces expectations, on track to beat 2022 target“While these developments are remarkable, I want to underscore that our nation still faces a considerable burden in the form of high inflation,” Balisacan said.
Source: interaksyon - 🏆 24. / 51 Read more »