CITY OF SAN FERNANDO – “The last quarter of the year is usually a growth period because of the Christmas season, when workers in both the government and private sectors receive their yearend bonuses, cash gifts and other incentives.”
Thus, an optimistic Senior Deputy Speaker and Pampanga 3rd District Rep. Aurelio “Dong” Gonzales sees the national economy growing faster in the quarter of 2023.
This, in reaction to the report of the Philippine Statistics Authority that the economy expanded by 5.9% in the third quarter, better than the 4.3% in the second quarter but lower than the 6.4% in the first quarter.
As the last quarter is traditionally the time when millions of overseas Filipino workers and other Filipinos abroad send more money to their families and relatives back home, “So we can reasonably expect increased spending from our people. Business will anticipate this surge by producing more products and offering more services. We have already started seeing evidence of more economic activities during this season,” Gonzales noted.
The House leader added that economic growth in the first three quarters averaged 5.533%, which is lower than the minimum target of 6% for the entire year. He however took comfort in the statement of National Economic and Development Authority Director General Arsenio Balisacan that the country’s 5.533% expansion was better than Vietnam’s 5.3%, China’s and Indonesia’s 4.9%, and Malaysia’s 3.3%.
“We can still do 6% by focusing on measures that will help President BBM grow the economy further. Let’s ignore any political noise that comes our way,” Gonzales said.
