DBM hails GDP report, vows to create more jobs to keep economic upswing

INQUIRER FILE PHOTOS/JEROME CRISTOBAL

MANILA, Philippines — After a 6.3 percent recorded growth in the country’s economy, the Department of Budget and Management (DBM) on Thursday expressed elation and vowed to focus on job-creation and poverty reduction to sustain economic upswing.

READ: Philippine economy expands 6.3% in Q2, says PSA

Budget Secretary Amenah Pangandaman also renewed her call among government agencies to ensure prudent allocation and spending for a “lasting economic prosperity.”

“Thus, I renew my call to all government agencies to ensure the judicious allocation and spending of resources so that we can unlock our full potential toward lasting economic prosperity that is felt by all Filipinos,” she said in a statement.

“Rest assured, we are focused on pursuing job-creating growth and poverty-reducing growth, and we are inspired to work even harder toward our inclusive economic transformation and sustainable growth,” the secretary added.

Pangandaman made the pronouncement after stating that the 6.3 percent growth in the second quarter gross domestic product (GDP) felt like “winning a gold medal” in the 2024 Paris Olympics.

READ: Education continues to hold biggest slice of budget for 2025

The Philippine Statistics Authority (PSA) earlier reported that the 6.3 growth is the highest expansion the country’s economy has felt since the 6.4 percent in last year’s first quarter.

Among the factors that contributed to the growth, according to the PSA, was the Government’s Final Consumption Expenditure of 10.7 percent.

Pangandaman said this proved that the government’s “strategic prioritization in the budget effectively implements our Agenda for Prosperity.”

The same goes for the P6.352 trillion proposed budget for 2025, she noted, stating that it was “crafted with utmost care, diligence, and meticulous attention.”