Economy grows under current gov’t as world battles inflation — lawmakers
President Ferdinand Marcos Jr. greets sellers of vegetables during an event of the Department of Agriculture.
Even as Filipinos reel from global economic challenges, lawmakers from both chambers of Congress said the programs of present administration has effectively averted further crisis by boosting employment, spurring economic growth and taming inflation.
Aklan 2nd District Rep. Teodorico Haresco Jr. said that under President Ferdinand Marcos Jr., not only did the employment rate soar to 95.8%, the highest in 18 years, but the Philippine economy also posted a 5.9% GDP growth in the 3rd quarter, the strongest among major Asian economies.
Haresco Jr., member of the House Economic Affairs Committee, said that inflation had also cooled down from 4.9% in October to 4.1% in November, while unemployment declined from 4.5% last year to 4.2% this year.
A Social Weather Stations (SWS) poll also showed overall hunger fell from 10.8% in June to 7.7% in September, the lawmaker added.
“These are the unmistakable fruits of government policies to boost employment, spur economic growth and tame inflation,” said Haresco Jr., also a member of the House Labor and Employment Committee.
Likewise, Senator Francis Tolentino said that the latest employment figures released by the Philippine Statistics Authority (PSA) have also proven that the Marcos administration’s initiatives are capable of ensuring a steady generation of quality jobs.
Accelerated government spending not only created jobs but also stimulated economies of where infrastructure projects are being built, said Tolentino, a member of the Senate Labor, Employment and Human Resources Development Committee.
“These new public works are key to attracting investments and increasing productivity which in turn generate employment and taxes which in turn fund more infra construction,” Tolentino said.
“This is the virtuous cycle in fiscal management the government has been practicing. Build Better More is also a jobs program,” he added.
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