The Marcos administration is on track to meet the goals of the Philippine Development Plan 2023-2028, buoyed by the nation’s strong economic performance, particularly in reducing inflation and boosting employment in the aftermath of the COVID-19 pandemic, a senior economic official reported.
Socioeconomic Planning Undersecretary Rosemarie Edillon highlighted the significant progress at a news forum in Quezon City, noting a drop in unemployment to its lowest level since 2005.
“In December 2023, our unemployment rate fell to 3.1 percent, down from 4.3 percent in December 2022,” Edillon stated. She also pointed out an increase in the labor force participation rate to 66.6 percent from 66.4 percent the previous year, indicating a more robust engagement in the workforce.
Job growth has been particularly strong in the industrial sector, with nearly 900,000 new jobs created, followed by agriculture with over 500,000, and services adding 100,000 positions.
The construction subsector, aligned with the government’s emphasis on infrastructure development, has led this expansion, reflecting national and local government collaboration.
On inflation, Edillon provided positive news, stating that inflation continued its downward trend, reaching 2.8 percent in January of this year. “The trend is definitely downward.
Almost all sectors saw a decline in inflation, with the exception of rice, which remained somewhat sticky due to high palay prices in the last quarter of the previous year,” she elaborated. Overall, food inflation has decreased.
Edillon also mentioned the presentation of the Philippine Development Report 2023 to the President, summarizing the government’s achievements in the initial stages of the PDP’s implementation.
She underscored the continued relevance of the administration’s strategies within its transformation agenda, particularly after considering domestic and external shocks.
“Our strategies remain relevant, and by incorporating the lessons learned from the 2023 implementation, we stand a better chance of achieving our PDP targets,” Edillon emphasized, reflecting optimism for the Philippines’ developmental trajectory. – PhilippinesToday.ph