MANILA, Dec. 1 (Xinhua) -- Department of Economy, Planning, and Development Secretary Arsenio Balisacan on Monday said the Philippine economy remains resilient, anchored on "strong and steady fundamentals" that continue to support growth despite global and domestic uncertainties.
Balisacan reported that the economy expanded by an average of 5 percent in the first three quarters of the year, while headline inflation eased significantly to 1.7 percent, well within the government's 2 to 4 percent target.
Labor market conditions also remained robust, he said. Unemployment averaged 4.5 percent, while underemployment stood at 14.2 percent.
"Although these rates slightly increased, we remain broadly on track to meet our targets," Balisacan noted.
He said the banking system remained healthy, enabling continued consumption and investment growth. The fiscal deficit narrowed to 5 percent of gross domestic product (GDP), in line with the government's fiscal consolidation roadmap.
At the same time, the peso remained broadly stable, supported by strong remittances and prudent monetary policy.
"These solid fundamentals prove their value during times of uncertainty because they provide critical buffers, enabling policymakers to respond decisively and flexibly to emerging risks," Balisacan said. ■