The 7.4-percent expansion of the Philippine economy in the second quarter of the year came as no surprise to me. Know more:
The 7.4-percent expansion of the Philippine economy in the second quarter of the year came as no surprise to me. Robust corporate earnings in the April-to-June period, a booming travel sector and energetic consumers visiting and dining in the malls are telltale signs that the economy is powering through the headwinds.
Also restraining the economic momentum in the second quarter was the surge in global commodity prices, led by petroleum products. The war between Russia and Ukraine and the lockdowns in China disrupted the global supply chain, leading to spiraling costs of commodity prices not only in Asia, but also in Europe and North America.
Nevertheless, we have the second fastest-growing economy among members of the Association of Southeast Asian Nations. The Philippines was the second best-performing nation among the region’s major emerging economies, next to Vietnam, which grew 7.7 percent in the second quarter. More importantly, we achieved the growth rate while other bigger economies struggled. China, for example, announced a meager growth of 0.4 percent in the quarter.
The vaccination program will play a crucial role in the resumption of onsite classes. We should consider putting up vaccination sites in schools to make sure Filipino learners are protected and educated well.
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