PH not going into recession, says Finance secretary

“I can assure you that, given the data that we have under very extreme conditions, we will not have a recession because we have a very young population,” Diokno told lawmakers.

The global economic decline, the chief said, will not affect the country because of improvements in the local economy.“For example, our unemployment rate is now down to 5 percent, which is the lowest since before the pandemic. I can assure you, given our focus on agriculture, we restored mining, our industry and manufacturing are working well, we have opened up the overseas workers, and we have increased the quality of our overseas workers, I don’t think we’ll have a recession,” he explained.

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