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Report: PH is expected to survive any potential global recession

Together with other factors, the Philippine government’s push to enhance infrastructure expenditure and the revival of the manufacturing industry are anticipated to cushion the home economy from the effects of a potential US recession.

The Philippine economy may survive the global recession relatively undamaged, according to the February 2023 issue of The Market Call, a joint monthly publication of the First Metro Investment Company (FIMC) and the University of Asia and the Pacific (UA&P).

While employment growth may slow down in the near future, it was stated that total man-hours (MH) of labor grew marginally to 1.98 billion MH from 1.97-B MH in November, up 4.3 percent from the previous month.

It said, “This boost more than offset the 704,000 declines in overall employment to 49 million, a level that is only behind the all-time high of 49.7 million achieved a month ago.

According to the statistics, the jobless rate dropped from 14.4% in November to 12.6% in December.

The Purchasing Managers Index (PMI) increased to 53.5 in January from 53.1 the previous month, indicating a higher growth in the manufacturing sector.

According to the estimate, the government’s overall liabilities will be down to PHP13.4 trillion by the end of 2022, or about PHP2 billion less than they were in November 2022.

The increase in the peso’s value relative to the US dollar and the net redemption of domestic government securities were the two main causes of the fall, according to the Bureau of the Treasury (BTr).

“While NG (national government) financials for December won’t be released until the last week of February, the slight increase in the debt-to-GDP (gross domestic product) ratio from 60.4 percent to 60.9 percent in 2022 allows us to deduce that the overall deficit for the year was lower than NG (national government) targets. This reasoning is generally supported by the fact that domestic debt decreased by PHP219.6 billion in December compared to the prior month,” it continued.

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