President Ferdinand R. Marcos Jr. on Thursday expressed elation over reports that the country’s latest inflation and unemployment rates fell to its lowest since March 2022 and April 2005, respectively.
In a Facebook post, Marcos said the latest developments show “remarkable progress” in the country.
“With great joy, I share the remarkable progress our nation has achieved. In October 2023, our unemployment rate hit a remarkable low of 4.2 percent, the lowest since April 2005, accompanied by a sharp decline in inflation to 4.1 percent in November 2023,” Marcos said.
“This is not just a number; it signifies the lives of millions of our fellow citizens who have found new opportunities. Our dedication to fostering an environment conducive to trade and investment is paying off,” he added.
The country’s unemployment rate in October this year was at 4.2 percent, down from the 4.5 percent recorded in the same month last year, according to the Philippine Statistics Authority’s (PSA) latest Labor Force Survey.
National Statistician Dennis Mapa on Thursday said the number of unemployed Filipinos went down to 2.09 million from 2.24 million in October 2022.
Meanwhile, the country’s headline inflation further eased to 4.1 percent in November this year, lower than the 8 percent posted in the same month last year and the 4.9 percent registered in October this year.
In a separate statement on Thursday, Socioeconomic Planning Secretary and National Economic and Development Authority director general Arsenio Balisacan said labor market conditions will continue to improve, given the thrust of the Marcos Administration to encourage trade and investment and reinvigorate job generation.
Balisacan also attributed the drop in inflation to the timely implementation of strategies to stabilize food supply amid the anticipated domestic and external headwinds in the coming months.
Marcos said he is optimistic that the government’s efforts would enable his administration to transform the country into a “new Philippines” that is “resilient and prosperous”.
“The journey ahead is promising, and I am confident that with your support, we will continue to build a resilient and prosperous Bagong Pilipinas,” he said. (PNA)