The Philippines' stronger than expected 2022 gross domestic product (GDP) growth rate of 7.6 percent is all well and good, but it must be felt by Filipinos.
“Economic growth must be inclusive and it must be felt all across the country for all Filipinos,” House Deputy Minority Leader and Bagong Henerasyon (BH) Party-list Rep. Bernadette Herrera said in a statement Sunday, Jan. 29.
“Unfortunately, reports on improving economy do not reflect the reality that millions of Filipinos remain poor and have to struggle daily to earn a living,” she pointed out.
Citing the latest Social Weather Stations (SWS) survey, Herrera said Filipinos who called themselves poor rose to 51 percent in the fourth quarter of 2022, which translates to an estimated 12.9 million Filipinos. This is higher than the 12.6 million or 49 percent recorded in the previous quarter.
The House leader lamented that many people are saying they do not feel the economic growth because of high electricity rates, slow internet connection, inefficient public transportation system, rising food prices, and stagnating real wages.
“The challenge now for the present administration is to address these valid concerns of our people because economic growth is useless if its benefits do not redound to the entire population,” she said.
Government data released last Thursday showed that GDP growth in 2022 was faster than the Covid-19 pandemic-blighted 5.7 percent output in 2021, and narrowly exceeded the government's projection of 6.5 to 7.5 percent.