Gov’t reports good PH economic status

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00:00The financial and economic policies of the Marcos administration is fundamentally sound and works.

00:06Since he assumed power, the president and his team of technocrats and economic managers

00:11have kept GDP growth at a 6% average, tamed inflation and brought unemployment to a respectable 4%.

00:19The full report from IBC's Quinzel Bacobo.

00:22For over two years under the presidency of Ferdinand R. Marcos Jr.,

00:30the government now reports a good leap of the country's economic status.

00:34According to the Department of Finance, the Philippines is now second among top

00:39performing countries in the ASEAN region in terms of economic growth.

00:43The Philippines is among the leading economies in the ASEAN region,

00:48growing at 6.1% as of the second quarter of this year.

00:53The agency reported this good economic outcome in a recent economic forum.

00:58In support to this report, Banco Central ng Pilipinas, or BSP,

01:02says the inflation rate in the country now dropped to just 3%,

01:06well within the target of the government's economic managers.

01:10Unemployment rate, meanwhile, declined to 4%, while underemployment is now at 11.2%.

01:16Most of all, the country's international reserve has increased to US$112 billion.

01:46And that's an increase from the end of last year of only 104 billion.

01:53Authorities say these are all the result of the Marcos Jr. administration's effort

01:58under the Philippine Development Plan 2023 to 2028.

02:02This includes allocation of 9.6 trillion peso fund for several infrastructure projects

02:09focused on transportation, water services, digital connectivity,

02:14health and education, among others.

02:17With these positive indications, the government sees the possibility of the Philippines rising

02:23from our current lower middle income status to upper middle income status by 2025.

02:29From IBC 13, Quenzel Bocobo for Balitang Pambansa.

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