Philippines Sees Improvements in Jobs, Setting a Positive Tone for 2024

New insights from The Market Call paint a hopeful picture for the Philippines, especially in job opportunities and economic stability, pointing to a promising start in 2024.

In December, a significant number of people, a whopping 50.5 million, found jobs, and the number of those without jobs hit a record low of 1.6 million, making the unemployment rate 3.1%. This suggests the job market is doing well, giving us reasons to be optimistic about the future.

The positive job situation is expected to boost spending by everyday folks, contributing to overall economic growth. When more people have jobs, it usually means they feel more confident about spending money, which, in turn, helps the economy.

Additionally, The Market Call’s report predicts a slight drop in the average inflation rate to 3.2% in the first quarter of 2024, adding to the positive economic outlook. The GDP growth in the last quarter of 2023 also went up by 2.1%, more than usual, showing that the economy is still moving in the right direction.

The National Government is being responsible with its money, as seen in the report. They managed to bring down the debt-to-GDP ratio to 60.2% in 2023 and are planning to reduce it further to 59.0% in 2024. This means they have room to spend on important projects, like building things we need, with at least 5.0% of the GDP set aside for that.

However, there might be some challenges ahead. The strong U.S. dollar and higher interest rates could affect our currency’s value, possibly causing it to weaken in the first half of 2024.

To sum it up, The Market Call’s report brings good news for the Philippines, emphasizing more jobs, fewer people without work, and positive signs for the economy. While there are some challenges, the country’s sensible money decisions and ongoing growth are reasons to be optimistic as we step into 2024. (ASC)