The Philippines will not be affected nor experience recession despite global forecasts, according to Finance Secretary Benjamin Diokno.
During a Commission on Appointments committee hearing, Camarines Sur 2nd District Representative Luis Raymund Villafuerte challenged Diokno about the government’s plan to offset the effects of a potential global recession.
“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,” said Diokno.
The global economic downturn, according to the finance chief, would have no effect on the country due to advances in the domestic 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 added.