On Monday, President Ferdinand "Bongbong" Marcos Jr. persuaded more American companies to make investments in…
The Philippine economy under Marcos is displaying “extraordinary strength.”
Rep. Joey Salceda of the Albay 2nd District said on Thursday that the 7.6 percent growth of the Philippine economy in the third quarter of the year demonstrated that the country’s economy, under President Ferdinand R. Marcos Jr., is showing signs of strong growth despite the effects of the Covid-19 pandemic and the conflict in Ukraine.
“The economy is booming. Since this is the first quarterly report of the Marcos administration, let me say that the PBBM economy is what’s happening right now. And despite global difficulties, it is displaying signs of outstanding strength, according to a statement from Salceda.
Salceda added that although the gross domestic product (GDP) growth for the quarter was higher than the economists’ consensus estimate of 6.2 percent for the quarter, his office had projected a growth of 7.5 percent prior to the official release, with Ateneo de Manila University projecting a growth of 7.7 percent.
So, it’s not a coincidence. The chairman of the House Ways and Means Committee declared, “This growth is real.
Salceda noted that the Google Mobility Report for Association of Southeast Asian Nations (ASEAN) members demonstrated the country’s expansion with 34% greater mobility in retail and 38% more mobility in workplaces.
The fact that this is the biggest mobility growth in ASEAN demonstrates that we have consistently been in the running for the region’s strongest growth, he said.
In August, close to the end of the quarter, remittance data for overseas Filipino workers (OFWs) increased as well. The number of cash remittances transferred through banks in August was USD 2.72 billion, up from USD 2.60 billion a year earlier, according to data from the Bangko Sentral ng Pilipinas (BSP). The rate of remittance growth was the fastest since June when it reached 4.4 percent.
The increase in household consumption was noted by Salceda.
According to him, the 24.79 percent increase in tax receipts from the previous year to September showed that the economic activity, which serves as the basis for taxation, was strengthening.
The September jobs data also revealed that manufacturing had added 1.09 million jobs over the previous year, the most of any industry.
Salceda added that an increase in manufacturing jobs typically signals sound macroeconomic fundamentals.
“By September, 4 million jobs had been added overall year over year. Similarly to this, 1.5 million independent contractors working for foreign companies are not fully taken into account in the national income accounts. In other words, there were indications of significant growth, he added.
Additionally, he pointed out that every demand sector experienced a rise quarter over quarter, suggesting that growth is already underway. This is especially true for the fourth quarter, which experiences significant demand because of bonuses and holiday purchases.
Salceda asserted, “We can maintain this rise, particularly considering the Marcos administration’s transition for Covid-19 from pandemic to endemic mode. The region’s and possibly Asia’s best GDP performance will be recorded during President Marcos’ first year in office.
Began to pay off
The 7.6 percent GDP, according to House Speaker Martin Romualdez, demonstrated that Marcos’s attempts to revive the nation’s pandemic-ravaged economy are beginning to bear fruit.
“President Marcos’ quiet but persistent efforts to improve the economy are starting to bear fruit. The economic growth from July to September 2022 is evidence of that “In a different comment, Romualdez stated.
He claimed to have seen firsthand how the President worked with local and international business stakeholders to recover from the pandemic’s devastation.
“In terms of our economic strategy, our attitude has truly entered the endemic phase. This new policy will be implemented by the House of Representatives so that we may build on this economic expansion. In fact, the CEO has pointed us in the proper way “said he.
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