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46% of Filipinos hopeful PH economy will be OK in 2023 -OCTA

MANILA, (PIA) -- Around 46% of Filipinos believe that the country's economy will be fine in the next six months, according to a survey conducted by OCTA Research.

"[Around] 46% of respondents are optimistic the economy will improve over the next six months, 38% believe it will remain the same while 10% believe it will get worse." Majority of the respondents that expressed positive outlook are from Visayas (60), National Capital Region (46), Central Luzon (43), and Mindanao (43),” said OCTA Research fellow Guido David.

The aforementioned survey was conducted from October 23 to 27, 2022, according to OCTA.

"In November, the Philippine Statistics Authority (PSA) reported that the inflation rate, or the pace of increase in the price of goods and services, rose to 8%, the highest in 14 years and more than double the 3.7% recorded in November 2021. It accelerated from 7.7% last October and 6.9% in September," said a report.

"The sustained acceleration of inflation in November 2022 was mainly due to the higher year-on-year growth rate in the index of food and non-alcoholic beverages at 10.0%, from 9.4% in October 2022," the report added.

President Ferdinand Marcos Jr. has vowed to resolve the high inflation rate caused by imports in the country.

"The main drivers of that inflation, unfortunately, are still imported. So, again import substitution is still a good idea not only for foreign exchange reserve but also so that we can keep our inflation rate down," said Pres. Marcos. (PIA-NCR)

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Gelaine Louise Gutierrez

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National Capital Region

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