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December 10, 2023 Edd Reyes 371 views

SENATORS and congressman have agreed that the administration of President Ferdinand “Bongbong” Marcos, Jr. has brought the Philippines on to much better economic footing after passing through the challenges of elevated global inflation.

Administration Senator Francis Tolentino and Congressman Teodorico Haresco, Jr.of the 2nd District of Aklan both shared this belief regarding President Marcos’ efforts to propel the economy in the thick these challenging times.

As member of the House Economic Affairs Committee, Rep. Haresco mentioned that apart from 95.8 percent increase of employment rate, the highest in 18 years, the country’s economy posted a 5.9 percent gross domestic product (GDP) growth in the 3rd quarter, the strongest among major Asian economies.

Being an economist himself, Haresco noted that inflation has also slowed down from 4.9 percent in October to 4.1 percent in November, while unemployment declined from 4.5 percent last year to 4.2 percent this year.

He added the latest result of the survey conducted by Social Weather Stations (SWS) which showed that overall hunger fell from 10.8 percent in June to 7.7 percent in September.

“These are the unmistakable fruits of government policies to boost employment, spur economic growth and tame inflation,” Haresco, who is also a member of the House Labor and Employment Committee said.

Senator Tol Tolentino for his part said that the latest employment figures released by the Philippine Statistics Authority (PSA) have also proven that the Marcos administration’s initiatives have been able to ensure a steady generation of quality jobs.

As member of the Senate Labor, Employment and Human Resources Development Committee, Tolentino said the increase in government spending not only created jobs but also invigorated economies of where infrastructure projects are being built.

“These new public works are key to attracting investments and increasing productivity which in turn generate employment and taxes which in turn fund more infra construction,” Tolentino said.

“This is the virtuous cycle in fiscal management the government has been practicing. Build Better More is also a jobs program,” he added.

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