It is probable that there was a recovery in economic growth.in
During the third quarter, the government focused on addressing…underspending, National Economic and Development Authority (NEDA) Secretary
According to Arsenio M. Balisacan, it was stated.
When reporters asked Mr. Balisacan on Wednesday if the third-quarter GDP would surpass the second-quarter print, he responded, “That is our expectation.”
Philippine GDP expanded by 4.3% in the April-to-June period, the slowest in two years. This was weaker than the 6.4% growth in the fi
In the first quarter, there was a 7.5% increase compared to the same period last year.
The underwhelming growth in the second quarter can be largely attributed to reduced consumer spending and a decrease in government expenditures. Government spending saw a decline of 7.1% in the months of April to June, reversing the 6.2% growth seen in the first quarter.fi
In the first quarter, there was a 10.9% decrease compared to the same period last year.
The anticipated boost to the economy from government spending did not come to fruition in the second quarter. However, there is potential for it to be regained in the third or fourth quarter. According to Mr. Balisacan, it was not a complete loss.
unable to rephraseflagged for their low budget utilization in the first half of the year. Data from the Budget department showed that the cash utilization rate of government agencies hit 93% as of end-August, behind the year-earlier pace of 95%.
According to Budget Secretary Amenah F. Pangandaman, the economy would have grown by 5.3% in the second quarter if underspending had not occurred.
Agencies have been ordered to submit catch-up spending plans to address low utilization. Mr. Balisacan also said that the economic team has been reporting the state of these catch-up plans to the President.
The head of NEDA remains unaffected by the recent downgrades in growth from multilateral lenders and institutions, stating that this is a normal occurrence in the face of ongoing global challenges.
The speaker explained that the decrease in projected growth, as reported by the Asian Development Bank (ADB) and other organizations, applies to most countries due to trends in the global market. However, there are also potential opportunities for growth. The situation is not unique to our country alone.
ffice kept its growth estimate at 6.2%.
The Asian Development Bank (ADB) has revised its prediction for the Philippines’ GDP growth to 5.7% for this year, down from the previous estimate of 6%. Meanwhile, the ASEAN+3 Macroeconomic Research Office maintains its forecast of 6.2% growth.ffi
The organization decreased its estimated growth rate from 6.2% to 5.9%. The Organisation for Economic Co-operation and Development also lowered its projected GDP growth from 5.7% to 5.6%.
2021 first-half GDP growth rate is at -4.6%.”
“In terms of the country’s first-half progress, we are currently performing better than many other nations in Asia, specifically within our ASEAN (Association of Southeast Asian Nations) region. Our GDP growth rate for the first half of 2021 stands at -4.6%.” first half is very respectable. I think that if we come close to that first-half (fi
“We’ll be fine as long as we follow the guidelines,” Mr. Balisacan stated.
For the fi
In the first portion, the growth of GDP averaged 5.3%, which falls below the government’s target range of 6-7%.
As mentioned before, our goal is to increase by 6.6% in the second half in order to reach our target growth. Even if we slightly fall short of that, I would still be satisfied, given the current state of the world. This level of performance would still make us a highly esteemed country.
According to Mr. Balisacan, the government’s greatest challenge is still inflation.
flation makes it
“That is the reason our economic team is prioritizing the resolution of the inflation problem, as it significantly impacts the economy.”fl
As we are all aware, reducing consumption leads to a decrease in domestic demand, which is why we are constantly working towards minimizing it.
He stated that he was keeping an eye on the situation.
th consecutive month of rising inflation
The rate of inflation increased to 5.3% in August, up from 4.7% in July. This marks the 17th month in a row of inflation growth.th straight month infl
The Bangko Sentral ng Pilipinas’ (BSP) target range of 2-4% has been exceeded.
In the first eight months, the average inflation rate was 6.6%, which is still higher than the BSP’s revised forecast of 5.8% for the whole year.
The preliminary GDP data for the third quarter will be released by the Philippine Statistics Authority on November 9th. – Luisa Maria Jacinta C. Jocson