NextGen Day

The country’s Gross Domestic Product (GDP) increased by 6.4 percent in the first quarter, and the employers’ sector voiced optimism about this result on Thursday, saying it portends the opening up of additional work prospects for Filipinos.

In an interview, Sergio Ortiz-Luis Jr., president of the Employers’ Confederation of the Philippines (ECOP), attributed the economy’s progress to the Marcos administration’s wise management, particularly its focus on infrastructure construction, which requires a lot of work.

He mentioned that recent aggressive recruiting has been seen in the manufacturing, mining, and services sectors by ECOP’s leadership.

The business executive claimed that, within the services industry, the subsectors of food, travel, and hospitality had recently displayed the greatest signs of revival.

Ortiz-Luis remarked, “The economy may be expanding more slowly than we had hoped, but it appears to be progressing very surely.”

He noted that the Covid-19 pandemic, which “seems to be behind us,” was the primary barrier to economic progress over the previous three years.

Ortiz-Luis urged the administration to abandon ideas for enacting mandated wage hikes in favor of leaving wage-setting to the various Regional Tripartite Wage and Productivity Boards in view of the job market’s modest recovery.

The John Gokongwei School of Management dean at Ateneo de Manila, Roberto Galang, described the Philippines’ first quarter economic performance as “very encouraging.”

According to Galang, “The nation is leading the region and the Philippines is a rare bright spot in a slowing global economy.”

He made it clear that the “best news is the turnaround of agriculture back to positive growth.”

The dean advised policymakers to encourage more farmers to plant high-value crops by capitalizing on the apparent optimism generated by the agriculture sector’s 2.2% rise in the most recent quarter.

He said that encouraging small farmers and agricultural laborers to cultivate lucrative crops is the simplest method to combat poverty among these groups.

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