Manila – President Ferdinand R. Marcos Jr. expressed elation on Thursday over the latest reports indicating a significant drop in the country's inflation and unemployment rates, reaching the lowest levels since March 2022 and April 2005, respectively.
According to Philippines News Agency, latest Labor Force Survey, the unemployment rate in October 2023 was 4.2 percent, a decrease from 4.5 percent in the same month last year. National Statistician Dennis Mapa noted a reduction in the number of unemployed Filipinos to 2.09 million from 2.24 million in October 2022. Concurrently, the headline inflation rate in November 2023 fell to 4.1 percent, a significant drop from 8 percent in the previous year and 4.9 percent in October 2023. Socioeconomic Planning Secretary and National Economic and Development Authority director-general Arsenio Balisacan attributed the decline in inflation to effective strategies for stabilizing food supply amid domestic and external challenges. President Marcos remains optimistic about the country's future, envisioning a 'new Philippines' characterized by resilience and prosperity.