NextGen Day

An economist stated on Saturday that the Marcos administration is off to an “excellent start” with the reported development of the Philippine economy in 2022.

A former economics professor at San Carlos University in Cebu and National Commission of Senior Citizens chairperson lawyer Franklin Quijano said the 7.6 percent economic growth in the previous year is a solid barometer for the success of the current administration.

Regarding the recovery in the Philippine economy in 2022, Quijano said during the Saturday News Forum at the Dapo Restaurant in Quezon City, “This is a good start.”

Looking on the bright side, perhaps this 7.6 [percent] increase will serve as a decent sign of how well this administration is performing, given that it will be held accountable for its performance, stated.

However, Quijano admitted that there is still more to be done in order for the current administration to maintain economic growth.

The occurrence of natural disasters, he claimed, has “negative” economic ramifications and also affects the nation’s gross domestic product (GDP).

According to Quijano, the government’s efforts to digitally change the country and build out its infrastructure could keep the Philippine economy growing strongly.

In order to help the Marcos administration carry out its economic program, he also advocated for the effective usage and management of natural resources.

We have a lot of mineral resources, even under our seas, so we should take them away because there are a lot of reserves there (… the reason why other countries have competing claims with us). However, we are not relying on this to build our nation, he added.

“Ang asset ng Pilipinas, so long as viewed in the context of the Lupa, natin kinukuwenta. As a result, we do not evaluate the Philippines’ assets, notably its natural resources. Kung ikuwenta natin ito. However, if we quantify it, it will have a significant and vast opportunity in terms of both real production and monetary measures, Quijano continued.

The Philippine Statistics Authority (PSA), which participated in the event as well as assistant national statistician Vivian Ilarina, pointed out that these satellite accounts will enable the government to “see the stock of natural resources” in the nation, such as minerals, energy, and water.

“We are looking into this. Particularly for the Philippines, this is important. We need to account for our abundant natural resources now, Ilarina remarked. “Once the gold and other minerals are extracted, they are included in the GDP.”

Ilarina emphasized the importance of government entities implementing policies, initiatives, and interventions based on the information gathered by the PSA in order to further enhance the economy.

The Department of Agriculture, for example, is free to implement its own interventions and programs based on the data we are releasing, Ilarina added.

The PSA gathers the data, makes it available to everyone, and then it’s up to the users to really analyze it.

According to the PSA report, the nation’s 7.6 percent annual growth in 2022 exceeded the government’s 6.5 to 7.5 percent growth forecast for the year and was the greatest since 8.8 percent in 1976.

President Ferdinand R. Marcos Jr. stated on Friday that his administration plans to increase investment in order to keep the Philippine economy growing.

Save/Share this story with QR CODE

---

Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

📩 Need to get in touch?

📩 Feel free to Contact NextGenDay.com for comments, suggestions, reviews, or anything else.

---

We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

---