DESPITE the country’s inflation rate soaring to a nearly 14-year high of 7.7%, the National Economic and Development Authority (NEDA) is confident that the Marcos government will achieve its 6.5 to 7.5 growth rate by the end of 2022.
“Malakas po ang aming kumpiyansa na we will really be attaining iyong sinabi nga natin,” said NEDA undersecretary Rosemarie Edillon during Malacañang’s Laging Handa public briefing on Friday.
Based on the economic department, the first three quarters’ Gross Domestic Product (GDP) growth is 7.7%, meaning if the national government hits the 3.3% target for the fourth quarter, it is expected to hit the 6.5 to 7.5 target.
According to Edillon, the recurring traffic congestion indicates potent “demand and economic activity.”
“Tingin naman po namin, again, siguro naman po ay nararanasan ninyo na iyong pagsisikip ng ating mga trapiko ‘no. So, nandiyan na masigla pa rin iyong demand and iyong economic activity. So, tingin po namin ay mahihigitan natin itong 3.3 na lower bound na sinasabi namin,” said Edillon.
14-year high inflation
Meanwhile, NEDA noted that the September havoc of typhoon Karding contributed to the country’s all-time high 7.7% inflation rate. At the same time, the onslaught of typhoon Paeng on the economy is anticipated to take effect in the first two weeks of November.
The latest inflation rate figure exceeds the 6.9% reported in September.
Moreover, the national government said to curb the lingering effects of rising prices of commodities, they would provide short-term, immediate-term, and long-term solutions in the forms of financial aid programs for agriculture, fishery, and transportation sectors to increase productivity rate.
Photo Credit: NEDA Facebook Page