MANILA -- The administration appeared to have steered the economy in the right direction as evidenced by recent economic figures, President Ferdinand R. Marcos Jr. said on Thursday, noting external forces however posed a challenge.

“It looks like the route that we have taken is taking the economy in the right direction,” President Marcos said in a roundtable discussion attended by Chief Executive Officers in Cambodia. 

“And as I was telling some of the cabinet members I think the Philippine economy, the important elements are in place, and you can feel that our economy is trying to grow but is really being pummeled by the forces outside of which we have no control,” the President pointed out. 

The President cited the recent economic figures for the 3rd quarter of this year, with the country’s unemployment rate dropping to 5 percent.

According to the National Economic and Development Authority (NEDA), the Philippine economy grew by 7.6 percent in the 3rd quarter of 2022, faster than the 7.5 percent expansion in the 2nd  quarter of 2022 and the 7.0 percent growth rate in the 3rd  quarter of 2021. 

In a report, NEDA assured President Marcos that the country remains on track to achieving the government's growth target of 6.5 to 7.5 percent for 2022. 

Given the 7.7 percent growth rate for the first three quarters, the economy needs to grow by 3.3 to 6.9 percent in the 4th quarter to meet this year’s target. 

 Amid higher global inflation and a slowdown in the world economy, the government ramped up efforts to boost domestic demand as well as increase and improve the competitiveness of domestic production to sustain and further accelerate economic recovery. (PND)