PH Grows by 7.6% in Q3

The Philippines grew by 7.6% in the 3rd quarter, maintaining the country’s recovery trajectory for the past 5 quarters. The economy grew by 2.9% on a quarterly basis, higher than the growth posted during the last quarter.

The top performers were Accommodation and food service activities (40.6%), Transportation and storage (27.4%), Other services, which includes arts, entertainment, and other service activities (38.3%), and Construction (12.1%). Meanwhile, the reported laggards were Public administration and defense (0.7%), Agriculture, forestry, and fishing (2.2%), and Real estate and ownership of dwellings (3.1%).

Despite positive growth prospects, the government recognizes that inflation continues to be an alarming concern. “Our nation still faces a considerable burden in the form of high inflation due to heightened external risk and recent typhoons”. The combined damages brought by Super Typhoon Karding and Typhoon Paeng on agriculture and infrastructure reached P9 billion based on NDRRMC estimates. “To stabilize rising inflation and protect the purchasing power of Filipinos, the government is providing cash transfers, fuel discounts, and other forms of targeted assistance. We are also considering the extension of Executive Order 171 which significantly reduces tariffs on rice, pork, and corn thereby enhancing food security while food prices remain elevated,” he said.

Sec. Balisacan added that the “government will focus on climate change adaptation measures” and “will ensure a timely response to the damage inflicted by extreme weather events in the country”. MBC calls on the national and local governments to ensure robust disaster resilience programs in their respective cities and municipalities – to protect our industries, and most importantly, our people.