News Economy

Philippines won’t go into recession

The top economic official of the Philippines stated that the country will not enter a recession. During a Commission on Appointments committee hearing on his ad interim appointment, Finance Secretary Benjamin Diokno made the comment in response to a question regarding the Department of Finance's efforts to combat the impending global recession.

"I can assure you, your honour, 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 said.

"For example, our unemployment rate is now down to 5%—that is the lowest since before the pandemic. So