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Solon sees economic growth in 4th quarter

CITY OF SAN FERNANDO -- Pampanga Third District Representative Aurelio “Dong” Gonzales said he sees economic growth in the last quarter of 2023 due to Yuletide spending and positive data from the Philippine Statistics Authority (PSA).

Gonzales issued the statement in reaction with PSA data that "the economy expanded by 5.9 percent in the third quarter, better than the 4.3 percent in the second quarter but lower than the 6.4 percent in the first quarter."

“The last quarter of the year is usually a growth period because of the Christmas season when workers in both the government and private sectors receive their yearend bonuses, cash gifts, and other incentives,” Gonzales said.

The lawmaker added that overseas remittances from Filipinos working abroad will also contribute to the last quarter fiscal statistics as more foreign currency will be streaming back to Filipino families.

“So we can reasonably expect increased spending from our people. Businesses will anticipate this surge by producing more products and offering more services. We have already started seeing evidence of more economic activities during this season,” he said.

The House of Representatives disclosed that economic growth in the first three quarters averaged 5.533 percent, which is lower than the minimum target of six percent for the entire year.

Gonzales however shared the statement of National Economic and Development Authority Director General Arsenio Balisacan indicating that the country’s 5.533-percent expansion was better than Vietnam’s 5.3 percent, China’s and Indonesia’s 4.9 percent, and Malaysia’s 3.3 percent.

“We can still do six percent by focusing on measures that will help President BBM grow the economy further. Let’s ignore any political noise that comes our way,” Gonzales said.

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