THE Philippines is moving in the right direction as indicated by the economic growth, lower inflation and reduced unemployment in the country.

Government statistics showed the Philippine economy grew by 5.9 percent in the third quarter of the year.

The figure is higher compared to the 4.3 percent growth posted in the second quarter.

The growth is also the highest recorded so far among the major emerging economies in Asia during the period covered.

Our economic growth outpaced that of Vietnam (5.3 percent), Indonesia and China at 4.9 percent, and Malaysia (3.3 percent).

The agriculture sector – which President Ferdinand ‘Bongbong’ Marcos Jr. vowed to strengthen – recorded positive growth of 0.9 percent.

All the other key economic sectors such as the industry and services likewise grew by 5.5 percent and 6.8 percent respectively.

On the other hand, headline inflation eased to 4.9 percent in October this year from 6.1 percent in September.

The Philippine Statistics Authority (PSA) said last month’s headline inflation rate was also lower than the 7.7 percent recorded in October last year.

The deceleration of inflation was primarily brought about by the lower annual growth of vegetables, tubers, plantains, cooking bananas and pulses at 11.9 percent from 29.6 percent in September.

Lower year-on-year growth rates were also seen in other food groups such as flour, bread, and other bakery products; meat and other parts of slaughtered land animals; fish and other seafood; sugar, confectionery and desserts; and ready-made food and other food products.

Most importantly, rice inflation also slowed to 13.2 percent from 17.9 percent the previous month.

The average price of regular-milled rice also went down to P45.40 per kilogram (kg) from P47.50 per kg in September.

For well-milled rice, the average price also declined to PHP51 per kg from P52.70 per kg the previous month.

Earlier, the President said the government is determined to bring more affordable food to all Filipinos.

Meanwhile, the country’s unemployment rate dropped to 4.5 percent in September this year from five percent in the same month last year.

The number of unemployed Filipinos during the month fell to 2.26 million from 2.5 million in the same period last year, the PSA reported.

The country’s employment rate was estimated at 95.5 percent, higher than the recorded 95 percent in the same month last year.

According to the PSA, major industries with the largest increase in employment are accommodation and food service activities (+608,000), administrative and support service activities (+535,000), construction (+481,000), transportation and storage (+255,000), and fishing and aquaculture (+193,000).

Indeed, labor market indicators continue to improve, making the government even more committed to pursuing high-quality job generation for Filipinos.

**

For comments, please call or text 09569012811 or email [email protected]