PH economy hardly affected by political issues -DOF

The recent political issues in the country have had little effect on the economy, an official of the  Department of Finance (DOF) said Saturday.

“Actually, matagal  nang mukhang hindi masyadong naaapektuhan. Nadi-differentiate ng  investors 'yung economic versus 'yung political,” Finance Undersecretary Domini Velasquez said at a news forum.

(Actually, the economy was barely affected for some time. Investors were able to  differentiate the economic versus the political.)

Velasquez pointed to Japan's Rating and Investment Information Inc. (R&I) which upgraded the Philippines' rating due to its projected stable growth and the continuous improvement of its national income.

“Kahit investors, nakikita natin pumapasok iyong investors… hiwalay talaga iyong, I guess, politics,” she said.

(Even investors, we see that they continue to come in... politics is, I guess, a separate matter.)

“Siguro makukumpara mo sa Thailand. ‘Di ba iyong Thailand nagkaroon sila na  medyo issue din na political tapos bumaba iyong ekonomiya nila. In the  Philippines, hindi iyon nangyayari,” Velasquez added.

(Maybe you can compare it with Thailand. Thailand had political issues and their economy weakened. In the case of the Philippines, that is not  happening.)

In a dispatch, R&I upgraded the  Philippines' foreign currency issuer rating to "A-" with a stable outlook. An "A" rating indicates that the country has "high creditworthiness supported by a few excellent factors," while the minus or "-" indicates the relative standing within the rating category.

"The Philippine economy will likely see stable growth and continuous improvement in the level of national income against the backdrop of active public and private sector investments, development of domestic business sectors such as business process outsourcing, and favorable demographics among other elements," it said.

The Department of Budget and Management (DBM) said government spending amounted to P5.336 trillion in 2023, outpacing the expenditures seen the previous year.  This year's budget authorizes a spending program of P5.767 billion for  2024.

Lifting 8 million out of poverty

In the same forum, Velasquez also expressed optimism that the government would achieve its target of lifting eight million Filipinos out of poverty by 2028.

“So, actually, mag-i-increase ng mga aalisin natin sa mahihirap – mga eight million mga kailangan natin, eight million alisin by 2028. Doable naman iyon,” she said.

(So, actually, we will increase the number of poor that will be lifted from poverty - we need eight million, eight million to be lifted from poverty by 2028. That is doable.)

“Dapat araw-araw may nakakatikim na parang  nag-i-improve 'yung buhay natin. So, kumbaga ang gusto natin 'yung mga  tao talaga natitikman iyon,' Velasquez added.

President  Ferdinand "Bongbong" Marcos Jr. said his administration would continue to pour resources to ensure Filipinos' lives would improve amid recent economic gains. — DVM, GMA Integrated News