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Marcos is certain there won’t be a recession in the Philippines

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In spite of growing inflation, President Ferdinand R. Marcos Jr. expressed optimism on Thursday that the Philippines will avoid a recession due to the ongoing decline in the unemployment rate.

Marcos admitted that the nation’s inflation rate rose to a 14-year high of 8% in November but noted that the unemployment rate dropped to 4.5 percent in October, its lowest level since the same time in 2019.

“In November of last year, the inflation rate was a balita na tumaas of 8%. Mayroon naman kasabay na mas magandang balita na bumaba ang unemployment rate sa four-and-a-half percent mula sa five percent (The good news is that the unemployment rate dropped to 4.5 percent from 5 percent last November, which was accompanied by the bad news that the inflation rate increased to 8 percent),” he said in a video message sent to Palace reporters.

He expressed faith that increased employment will stop the economy from contracting further.

“We are somehow certain that we will not have a recession here in the Philippines because the unemployment rate is extremely low,” he added. “Kaya’t kahit papaano ay malakas ang loob natin na hindi tayo magkakaroon ng recession dito sa Pilipinas.”

Marcos also reaffirmed his administration’s pledge to give priority to generating more high-caliber jobs in the nation.

“If I’m being simulated by you right now in the administrative system, I’m going to be working right now,” I said. It is true that this is what the nation is currently working on. Ipagpatuloy lang natin ‘yan (If you recall, when we first began this administration, we said our emphasis really works. So that’s what we see happening today. Let’s just maintain that),” he remarked.

He gave the assurance that the government would keep looking for methods to mitigate the effects of rising prices for essential products and services.

“Rest assured that we will do everything we can to lower the inflation rate and at least slow down the rise in prices of certain goods,” he said. “Asahan ninyo na lahat ng paraaan na maari nating gawin ay gagawin natin para pababain ang inflation rate at gawing mas mabagal man lang ang pagtaas ang presyo ng kung anu-

According to data from the Philippine Statistics Authority (PSA), inflation increased to 8% in November at a quicker rate than it did in October (7.7%).

The most recent statistic represents “the highest recorded inflation in the country since November 2008,” when it rose to 9.1 percent in the midst of the global financial crisis.

According to data from the PSA’s most recent labor force survey, the nation’s unemployment rate decreased to 4.5 percent in October from 7.4 percent in October 2021 and 5 percent in September.

Results from the PSA poll revealed that 1.26 million Filipinos found employment this year, bringing the country’s unemployment rate down from 3.5 million in October of last year to 2.24 million.

The employment rate increased to 95.5 percent in October from 95 percent the previous month, the highest figure seen since January 2020, according to lt.

According to the definition provided by the American business magazine Forbes, a recession occurs when an economy sees persistently low GDP, growing unemployment, declining retail sales, and declining income and manufacturing indicators.

According to Forbes, recessions are regarded as an inevitable component of the business cycle or the regular cadence of expansion and contraction that takes place in a country’s economy.

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