After four months in office, the Marcos administration appears to have made big strides in resuscitating the economy.
The economy therefore remains on track in achieving the government’s growth target of 6.5 to 7.5 percent for this year. The resumption of economic activities allowed an additional 2.2 million Filipinos to join the workforce, raising the country’s labor force participation rate to 65.2 percent in September 2022 from 63.3 percent year-on-year.
Amid high inflation, the Department of Labor and Employment has ordered the regional wage boards to determine whether another round of increase for the country’s 4 million minimum wage earners could be imposed next year to cushion the impact of soaring prices of food and other basic commodities.