#SONA2022 FACT CHECK: 8.3% GDP in Q1 of 2022, manifestation of ‘firm economy’

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CLAIM:
President Ferdinand Marcos Jr. claimed in his first State of the Nation Address (SONA) that the Philippines still has a “firm economy,” with GDP soaring to 8.3% in the first quarter
 
RATING:
Missing Context
 
FACTS:
The Philippines posted an 8.3% GDP growth for the first quarter of 2022.
However, this GDP growth is the primary effect of election-related spending, and not because of the reopening of the economy, according to IBON Foundation, with the think-tank noting that this growth may not be sustainable in the near future.
 
WHY THIS MATTERS:
The first quarter GDP growth cannot be interpreted as a signal that the Philippine economy will fare better throughout the year. The unrelenting price hikes, coupled by various economic distresses, points to a bleaker future – Jheruleene Anne Ramos

 
Altermidya Network is part of #FactsFirstPH which brings together various sectors that are committed to promoting truth in the public space, and exacting accountability on those who harm it with lies. For those interested to join the initiative, email info@factsfirst.ph. 
 
 

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