PRESIDENT Ferdinand “Bongbong” R. Marcos, Jr. said he is confident the country’s latest strong labor performance will shield it from a potential recession.
In a video message, Marcos lauded preliminary data from the Philippine Statistics Authority (PSA), which showed the unemployment rate falling back to prepandemic levels at 4.5 percent in Oct. from 5.2 percent last July despite high inflation rate.
Inflation rose to 8 percent in November.
“That is why I am confident the Philippines will not go in recession because [of] the unemployment rate and if you recall during the start of the administration, we talked about prioritizing employment. So now you are seeing what is happening. Let us just keep at it,” Marcos said in Filipino.
The National Economic and Development Authority (NEDA) earlier said the expected 2023 global recession next year will affect the country.
However, it noted the country could protect itself against recession through strong domestic consumption.
Marcos assured the people the government is currently implementing measures to allow Filipinos to cope with the rising cost of living.
“You can expect we will do everything we can to bring down inflation rate and to slow down the rise in prices [of basic goods and services],” the President said in Filipino.