MANILA — Despite facing challenges both domestically and internationally, the Philippine economy expanded by 5.7 percent in the first quarter of the year, as reported by the Philippine Statistics Authority (PSA) on Thursday (09 may 2024).
This growth rate marks a slight decrease from the 6.4 percent recorded in the previous year.
Noteworthy contributors to this growth include financial and insurance activities (10.0 percent), wholesale and retail trade, along with repair of motor vehicles and motorcycles (6.4 percent), and manufacturing (4.5 percent), according to the PSA.
All major economic sectors experienced growth during this period, with agriculture, forestry, and fishing expanding by 0.4 percent, industry by 5.1 percent, and services by 6.9 percent.
Household final consumption expenditure saw a rise of 4.6 percent during the first three months of 2024.
Similarly, government final consumption expenditure, gross capital formation, exports of goods and services, and imports of goods and services recorded growth rates of 1.7 percent, 1.3 percent, 7.5 percent, and 2.3 percent respectively.
(el Amigo/MNM)
Image Courtesy of: JobStreet
MANILA — Approximately 46% of Filipino adults express optimism about an improvement in the Philippine economy over the next six months, as revealed in the most recent OCTA Research survey released on Monday.
Conducted independently and without any commissioned influence, the “Tugon ng Masa” (TNM) National Survey by OCTA Research was carried out from July 22 to 26, indicating that slightly less than half of Filipino adults maintain a positive outlook for the future.
This figure represents a 4% decrease compared to the 50% recorded in the survey conducted in the first quarter of March 2023.
While roughly 46% of adult Filipinos anticipate an economic improvement, the survey also highlights that 43% believe the economy will remain stable, and 6% fear it may deteriorate.
OCTA’s most recent survey further reveals that the percentage of adult Filipinos who foresee a better Philippine economy in the next six months varies from 31% to 54% across different major regions. The highest level of optimism was recorded in Balance Luzon (54%), while the lowest was found in Visayas (31%).
Conversely, the percentage of adult Filipinos who anticipate a worsening economy over the next six months ranges from 2% to 11%. The highest percentage of pessimism is observed in Visayas (11%), while the lowest is in Balance Luzon (2%).
In addition, the poll indicates that 55% of adult Filipinos believe their quality of life will improve in the coming six months, 36% expect it to remain the same, and 4% anticipate a decline. (ai/mnm)