'Phl economy hit by internal woes, US tariffs'

Former socioeconomic planning secretary Cielito Habito warned that the Philippine economy is being weighed down by both internal weaknesses and external shocks stemming from US President Donald Trump's trade policies.

- By KEISHA TA-ASAN

Speaking at the Security Bank Economic Forum, Habito said that while inflation and unemployment remain relatively stable, deeper structural issues from job quality and governance to weak productivity and protectionist trade policies continue to hold the country back.

“Our inflation rate is down to 1.7 percent, unemployment is at record lows of around 3.1 percent, but the quality of jobs and the mismatch in skills are our real challenges,” Habito said.

“The biggest chunk of our jobless now are college graduates, people who have studied all the way to find out they don’t fit in the workplace,” he said.