MANILA – President Ferdinand “Bongbong” Marcos Jr. said the country is slowly recovering from its previous economic slump after posting a 6.4-percent Gross Domestic Product (GDP) growth rate in the first quarter of the year.
Marcos expressed this through a social media post on Thursday, May 11.
“Layunin natin ay isang matibay na ekonomiya na nagreresulta sa dagdag trabaho at oportunidad para sa negosyo at pamumuhunan (we are aiming for a strong economy that would lead to more jobs and more business opportunities),” Marcos said on Twitter.
“Unti-unti na natin itong naaabot habang patuloy ang pagtaas ng ating GDP growth rate na ngayon ay nasa 6.4% sa unang quarter ng taon (We are slowly getting there as our GDP growth, which is now at 6.4 percent, continues to rise),” Marcos added.
The President even mentioned surpassing the GDP growth rate posted by neighboring countries such as Indonesia, China and Vietnam.
According to the Philippine Statistics Authority (PSA), the country’s GDP in the first quarter of 2023 was “the lowest growth registered after seven quarters when the country started to recover from the pandemic in the second quarter of 2021.”
It reported that the main contributors to the first quarter 2023 growth were wholesale and retail trade; repair of motor vehicles and motorcycles, 7.0 percent; financial and insurance activities, 8.8 percent; and other services, 36.5 percent.
The major economic sectors: agriculture, forestry, and fishing; industry; and services all posted positive growths in the first quarter of 2023 with 2.2 percent, 3.9 percent, and 8.4 percent, respectively.
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