GDP per capita exceeds pre-pandemic level by over 10%: Balisacan

MANILA: National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said the country's latest gross domestic product (GDP) per capita has surpassed the pre-pandemic level by more than 10 percent, thanks to government's programs to support economic growth. As part of the Department of Budget Coordination Committee (DBCC), Balisacan shared to lawmakers during the budget briefing in the House Appropriations Committee Monday the government's economic gains over the past years to recover from the coronavirus disease 2019 (Covid-19) pandemic. He cited that the GDP per capita in the first quarter of 2024 grew 4.8 percent and already surpassed the pre-pandemic level by 10 percent. World Bank data showed that in 2019, the Philippines' GDP per capita stood at USD3,413.8. When Covid-19 hit in 2020, it declined to USD3,224.4. The GDP per capita, or the average income per person in the country, is now over USD3,700. Moreover, the NEDA chief said the government was able to attract investments that w ould create quality jobs, as underemployment in May 2024 settled at 9.9 percent, a record-low since 2005. Poverty incidence also declined to 15.5 percent in 2023 from 18.1 percent in 2021, which means 2.45 million Filipinos were lifted from poverty while food-poor individuals declined by 1.71 million. 'To boost growth next year, the Marcos administration will continue to implement the strategies we have set in the Philippine Development Plan (PDP) 2023-2028, guided by the lessons we have identified in the Philippine Development Report 2023,' Balisacan said. Moreover, Finance Secretary Ralph Recto highlighted that the administration achieved half of its target revenue collection this year at PHP2.15 trillion as of end-June, which is also 15.6 percent higher than the collection in the same period last year. Recto also assured the Committee on Appropriations that the current fiscal management will help in easing debt-to-GDP ratio to 60.4 percent next year. Bangko Sentral ng Pilipinas (BSP) Governor Eli Remo lona also focused on the easing inflation, which allows the Monetary Board to keep its key policy rate for the time being. Budget and Management Secretary Amenah Pangandaman also detailed to the Committee the PHP6.352-trillion proposed 2025 national budget, of which, 62.6 percent are allocated for social and economic services that will continue improve the country's socioeconomic condition. Source: Philippines News Agency