Socioeconomic Planning Secretary Arsenio Balisacan says implementing targeted subsidies and fast-tracking the national ID program will help the poor.
MANILA, Philippines – The Philippine economy is unlikely to experience stagflation or an incidence of high inflation coupled with slow economic growth and high unemployment, according to President Ferdinand Marcos Jr.’s chief economist.
Balisacan said he and the rest of the new economic managers are expecting gross domestic product to grow 6% in 2022, and are aiming for 6.5% to 8% for the rest of Marcos’ six-year term. While there will be growth, inflation and the depreciation of the peso are likely to spoil poverty alleviation efforts.“Poverty is very responsive to high prices. Whenever food prices rise, expect poverty to rise,” Balisacan said.
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