And the promising projections keep coming for the Philippines.
Cabinet Secretary and Acting Presidential Spokesperson Karlo Nograles reported on Tuesday, Dec. 7 that New York-based think tank Global Source Partners has pegged the country to surpass its own gross domestic product (GDP) target.
“On the economic front, there are reasons to be hopeful this coming New Year,” Nograles said in a virtual press conference.
“New York-based think tank Global Source Partners projected the economic growth of the Philippines to surpass the government’s 4 percent target ceiling. Ang projection po nila ay 5.5 percent (They’re projection is 5.5 percent),” he said.
Quoting a line from Global Source Partners’ forecast, Nograles said, “The Philippine economy withstood a Delta-driven surge in quarter 3 and is set to end the year on a high note.”
For a summary of the Philippines’ successful campaign against the Delta variant of the coronavirus disease (COVID-19), click here.
It was only Monday night when President Duterte hailed the Philippines’ glowing outlook from global investment banking firm Goldman Sachs, which expects the country “to be the strong economy in ASEAN by 2022”.
ASEAN stands for the Association of Southeast Asian Nations, of which the Philippines is a founding member.
Nograles also welcomed on Tuesday the easing of Inflation in the country from 4.6 percent in Oct. 2021 to 4.2 percent in Nov. 2021. “Bumaba ang presyo ng gulay, isda, at karne (Prices of vegetables, fish, and meat have gone down),” he noted.
“This December and January, we will continue to monitor ang presyo ng mga bilihin to (the prices of goods to) make sure na hindi Ialong mahihirapan ang ating mga kababayan (that our countrymen won’t get burdened). But the numbers look good and our interventions and policies are working,” the Palace official added.