01:46 The steady household consumption reflects strong spending supported by a healthy job market and a surge in demand for goods and services.
01:53 We welcome the robust growth in spending for restaurants and hotels, transport, and recreation,
02:00 reflecting the improvements in the labor market and steady growth in remittances.
02:05 On the other hand, in terms of public infrastructure, the Build Better More program is reaping benefits with its high multiplier effect on the economy.
02:13 Moreover, the debt-to-GDP ratio improved to 60.2% from 60.9%.
02:19 The country's total outstanding debt amounted to Php 14.62 trillion.
02:24 The debt-to-GDP ratio measures the country's economic health by comparing total government debt to its economic output.
02:30 Meanwhile, NEDA is also concerned with food spending in relation to higher prices due to inflation.
02:36 NEDA Secretary Balisacan says there's an impending need to modulate food prices and bolster the agricultural value chain.
02:43 One of the measures would be preventing anti-competitive practices in the marketplace.
02:47 Alberto, a food service worker at a canteen in Manila, says he's happy there's a significant improvement with regard to employment in the country.
02:55 I have a job in the food industry.
03:01 The number of unemployed people is decreasing. We're happy because there are more people who will be able to earn a living.
03:10 Many people will no longer be hungry or will have jobs.
03:14 Moving forward, continuous streamlining of policies, upskilling the workforce, and the upkeep on the ease of doing business are important measures to sustain, if not improve, growth.
