00:00Sales of Sol's Lecheflan were slow these past weeks during days of heavy rain and constant flooding.
00:21But with Christmas a month away and the weather clearing up, she says her sales are finally picking up.
00:26From 500 Yenera of Lecheflan, her orders have doubled.
00:39From July to September, the country's total income dropped to 4%.
00:43The peso also plunged to one of its lowest levels against the dollar this Wednesday, hitting 59 pesos and 17 centavos.
00:50President Ferdinand R. Marcos Jr. says the economy slowed down because many Filipinos lost their jobs or couldn't report for work due to recent typhoons.
00:59Adding to the pressure, new U.S. tariffs.
01:02You have to also remember the situation, the global situation. We are not the only ones suffering the shocks that come from the new trade structure that has been imposed on the rest of the world.
01:16And so we are all adjusting to that.
01:19The growth rate of all around the world is falling.
01:28From 17% taxes on Philippine products entering the U.S. rose to 19%.
01:33The result, Filipino goods become more expensive and demand drops.
01:38And once Philippine exports slow, fewer dollars enter the country, weakening the peso further.
01:43But President Marcos remains confident that the economy will recover by year end.
01:48There are a lot of measures that have been made because the public spending now will be increased and to make sure that by the end of the year that the levels of public spending are according to our original plan.
02:03So we will be able to reduce the loss in the third quarter.
02:08According to an economist, the administration's target is achievable.
02:12The Christmas season typically boosts production of goods and services, providing a lift to the economy.
02:17The holiday season is one of the biggest, if not the biggest, when it comes to sales, spending,
02:27yung mga benta, yung mga kita ng maraming tao, maraming industriya, maraming negosyo.
02:34Sa loob ng isang taon, pabihay sila, sa mga probinsya, uuwi, nagastos para sa mga handaan, mga regalo.
02:41Lahat na lang lang lang pwedeng gastusin para sa holidays, Christmas, New Year.
02:47Kaya taon-taon yan.
02:49Sasalubunin niya na remeetances.
02:51Kaya medyo supportado din yung, yan, supportado rin yung peso dahil doon.
02:59He says rehabilitation in typhoon-hit areas will also boost economic activity.
03:04Yolanda, ang laki-laki ng damage.
03:06Pero tignan mo, dumagu yung ekonomiya pagkatapos maraming tulong na dumating, nag-rehabilitation,
03:14yung rebuilding, reparation, tapos yung ekonomiya natin, lumagu pa rin.
03:21Dahil kasi what's holding everything together, yung good governance.
03:28But what will truly attract investors and grow the economy, he says, is serious government cleanup
03:33and a tough stance against corruption.
03:35Tangkilikin yung mga bansa, mga produkto, mga kumpanya, mga industriya na nag-adhere sa ESG standards.
03:43Holistic yun, hindi lang yun sa governance.
03:45E, that's environment, sustainability. It all starts and ends with good governance.
03:50Anti-corruption, anti-leakage, strong institutions of law, strong rule of law.
03:57Recently, President Marcus directed government agencies to make full use of the country's remaining funds
04:03and channel them into priority investments such as education, healthcare, agriculture and digitalization.
04:09This is Sharm Zespina from the National TV Network for a new and better Philippines.
