NextGen Day

An economist predicted on Monday that the Marcos administration’s vigorous attempts to foster a robust post-pandemic recovery would result in continued growth for the rest of the year for the Philippine economy.

Michael Batu, an economist and associate professor at the University of the Fraser Valley, stated during the Laging Handa public briefing that the macroeconomic fundamentals of the Philippines will continue to be sound as seen by the country’s economy’s steady expansion.

According to Batu, the country’s gross domestic product (GDP) and gross national product (GNP), by extension, are expected to rise this month, while the inflation rate is anticipated to decline.

At nakikita ko rin, na ang inflation is may evidence, eh pababa na. However, I can’t say with certainty that inflation will decline in January; however, there are several factors that suggest this may be the case. I won’t say that it will definitely fall, but there are signs that it will fall this January),” Batu remarked.

He noted that there are some areas of the local economy that are not fully open and predicted that the economy will develop even more when other sectors eventually began to operate again as the nation slowly recovered from the pandemic.

Consequently, we made a conscious effort to unzip all of our pockets into the bags we were carrying. Therefore, we are witnessing that this is beneficial—the reopening of these pockets in the coming months—so aasahan natin na iyong growth ay tataas pa rin. Therefore, we anticipate economic development,” he stated.

Regarding the exchange rate, Batu claimed that there are signs of progress, with the Philippine peso strengthening against the US dollar.

Although fuel prices are still high, there has been a modest downward shift in petroleum prices, he claimed.

Despite the fact that I occasionally have movements, the presyo of the longis kumpara noong nakaraang taon is mataas. Despite the fact that fuel prices are still high in comparison to last year, I am still able to observe movement today. I have noticed a decline in the prices,” he stated.

In the meantime, he hoped that President Marcos’ international travels would lead to genuine investments that would benefit the economy this year.

According to him, if the commitments become genuine investments, new jobs might be created, which would help the economy as a whole.

“So that is what we are watching, in terms of macroeconomic fundamentals, it will continue strong, and nakikita ko na dahil maganda ang pagpapatakbo ng ating ekonomiya, aasahan natin na tuloy-tuloy pa ring lalago ito sa taong 2023. We anticipate further increase in 2023 because our economy is performing well, he added.

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