Ekonomiya ng Pilipinas, lumago ng 5.7% sa unang quarter ng 2024 ayon sa PSA

Ekonomiya ng Pilipinas, lumago ng 5.7% sa unang quarter ng 2024 ayon sa PSA;  Pilipinas, nananatili pa rin sa Asia's Emerging Economies ayon sa NEDA

Transcript

00:00 The Philippines is still in Asia's emerging countries.

00:04 In fact, the gross domestic product of the country has increased

00:08 in the first half of 2024.

00:10 This is despite the various challenges, including El Niño.

00:15 Here's the news from Denise Osorio.

00:18 The gross domestic product or GDP of the country has increased by a lot

00:24 for the first quarter of this year.

00:26 The Philippine Statistics Authority or PSA and the National Economic Development Authority or NEDA

00:31 announced this morning that the economy will run steadily from January to March of 2024.

00:37 According to PSA Undersecretary Dennis Mapa, the GDP of the country has increased by 5.7% this year.

00:44 NEDA's Secretary Arsenio Balisacan added that from the finance and insurance sector at 10%,

00:50 wholesale and retail at 6.4% and manufacturing at 4.5% will be the main drivers of the first quarter.

00:57 In other major sectors, such as the service sector, this has increased due to the continuous promotion of tourism-related activities.

01:05 Balisacan added that infrastructure flagship projects will help in the economy

01:10 through the passing of Executive Order No. 59.

01:13 We have many of these infrastructure flagship projects under varying stages of implementation.

01:26 These are big things, potentially game changers, supporting a lot of job generation and growth for the economy.

01:41 Broadly, we are keeping our target of 5-6% of our GDP spent on infrastructure.

01:52 However, the agricultural sector is slowly losing its momentum due to the rise of El Nino.

01:58 Mitigation efforts that the government put in place sort of softened the impact of the El Nino.

02:08 Nonetheless, I think that we are able to bounce back from a worse situation.

02:20 So I think that unless we see a reversal in the gains that we are making in tempering the inflation,

02:30 particularly food and energy, we don't see any reason why the second quarter should be any weaker than the first quarter.

02:45 Even so, the Philippines is still one of the emerging countries in Asia.

02:50 And yes, the GDP of the Philippines is higher than that of China.

02:54 Despite various risks and challenges, the economic outlook for the Philippines in the near and medium term remains bright.

03:01 With hard work and the right policies in place, we are confident that we will achieve our growth target of 6.0 to 7.0% this year.

03:11 Denise Osorio, for Pambansang TV in Bagong, Philippines.

03:15 Philippines.