GDP ng Pilipinas, lumago sa 6.3% sa 2nd Quarter ng taon ayon sa PSA;
PH, nalagpasan ang ilang karatig bansa pagdating sa paglago ng GDP
PH, nalagpasan ang ilang karatig bansa pagdating sa paglago ng GDP
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NewsTranscript
00:00And first in our news, in spite of the challenge of the El Nino phenomenon and inflation, the Philippines still managed to grow by more than 6 percent in the second half of the year,
00:13according to Paz and Nega. We have already seen the economic growth of some countries in Asia, including Indonesia and China.
00:22Sujin Kim is in the center of the news live. Sujin.
00:26As of 6.3 percent in the second quarter of the year, the GDP or Gross Domestic Product of the country, this is from the 4.3 percent recorded in the same quarter last year.
00:41In the second half of 2024, it was reported that construction, transportation, storage and other services were affected rapidly, while the gross national income of the Philippines increased by 7.9 percent.
00:58Today, we are pleased to announce that the Philippine economy has sustained its robust growth trajectory, demonstrating resilience amid various domestic and external challenges.
01:10National Economic and Development Authority Secretary Arsenio Balisacan's view is positive because of this.
01:17Our gross domestic product growth has accelerated, keeping us on track to achieve our target growth rate of 6 to 7 percent for 2024.
01:27In fact, the Philippines is leading in some countries, including Malaysia with 5.8 percent, Indonesia with 5 percent and China with 4.7 percent.
01:39This performance keeps our position as one of Asia's best performing major emerging economies.
01:46Meanwhile, the year-on-year economic decline of 2.3 percent has brought changes to the agriculture sector.
01:55With the sector adversely affected by the LDNU phenomenon.
01:59The GDP growth has increased by 11.5 percent, which is a significant increase in total investments, mostly in construction.
02:09Public construction sustained double-digit growth, 20.8 percent from 12.1 percent.
02:16Private construction likewise accelerated, particularly commercial construction.
02:21Secretary Balisacan's commitment to the government to address the problem of poverty has also yielded results.
02:29This proves the decline in the poverty rate of the Philippines.
02:33This accomplishment surpasses the Philippine development, highlighting the effectiveness of our policy measures and the resilience of our economic strategies.
02:43Under the administration of President Marcos Jr., food security is still the most urgent priority.
02:51To protect our people from such economic shocks and sustain the momentum for poverty reduction.
03:06We expect it to revert to its longer-term downtrend as we aim for our target range of 2 to 4 percent.
03:21The rise in inflation and interest rates will increase consumption and increase investment activities in our households and businesses.
03:28That is the latest from Quezon City. Back to you, Aljo.
03:32So Jin, you mentioned that the country's leadership is on the way to improve the economy of the Philippines.
03:43Can you tell us what measures are being taken to add to this?
03:52Yes, Aljo. In accordance with the directives of President Marcos Jr. to facilitate and speed up the movement of the country,
03:59various programs have been implemented, including the Infrastructure Flagship Projects or IFPs under the Build Better More Program,
04:08and the PPPs or Public-Private Partnerships.
04:11We expect that because of this, the investment climate in the country will improve and regional connectivity will be strengthened.
04:21Aljo, we cannot forget the ease of doing business, where the process of building a business is becoming simple.
04:29That's why it's faster now. Aljo.
04:31It is said that the economy will improve if not because of the rapid inflation.
04:41That's according to Secretary Balisaca de Neda.
04:45What are the banks doing now to minimize the effects of this on household consumption,
04:53which is one of the factors of inflation, or the spending of our countrymen. So Jin.
05:03Yes Aljo, you're right. We learned last Tuesday that the inflation rate in the country increased to 4.4 percent,
05:09particularly because of the rapid increase in the price of electricity and food.
05:14For our countrymen to be free, the government is preparing various measures.
05:20First of all, for food, we have a program called Rice for All Program, where rice can be bought at a cheaper price.
05:29Commercial well-milled rice can be bought for P45 in our Kadiwa stores.
05:35This is also in line with the rollout of the P29 Rice Program.
05:39Aljo, when it comes to increasing the price of electricity,
05:42the Energy Regulatory Commission or ERC promised to implement the Staggered Charging,
05:48where our countrymen will not feel the additional cost to a country or a payment. Aljo.
05:55Thank you very much, Sujin Kim.