President Rodrigo Duterte expressed confidence Monday night the country’s economy will head back to its pre-pandemic levels due to strong household consumption and easing of COVID-19 lockdowns.
The President made the remarks in his weekly public address on government interventions on COVID-19, after Bloomberg reported 7.1 percent increase in the country’s third quarter year-on-year gross domestic product (GDP) growth.
“The country’s latest GDP growth reported by Bloomberg is a sign that the economy is heading back to its pre-pandemic levels,” Duterte said.
He described the report of financial news site Bloomberg about the Philippines' latest GDP growth, as a “beautiful blessing”.
GDP is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period. As a yardstick of overall domestic production, it functions as a comprehensive scorecard of a country’s economic health.
“Its beautiful blessings from God.The growth was due to strong household consumption during this pandemic — and our economy can soon return to its pre-pandemic performance,” he said.
“This is truly good and welcome news because it affirms that our strategies are correct in balancing health and economy,” he added.
However, the President reminded the Filipino public that although the government appears to have gained momentum against the virus and is able to grow the economy, much remains to be done.
The virus is still active and continues to pose a threat to the people and nation, he said, reminding the people to continue to follow health protocols.
The Philippine Statistics Authority (PSA) attributed the improved GDP performance to increased wholesale and retail trade, repair of motor vehicles, manufacturing, and construction.
Robust household final consumption expenditure was the primary mover of the third-quarter expansion, according to the agency.
