The country's economic managers on Friday dismissed Publicus Asia's latest Pahayag survey showing the declining trust and approval ratings of President Ferdinand Marcos Jr.'s administration due to economic headwinds.

In a joint statement, the economic managers said they are focused on improving the economy and ensuring that the government's policies remain sound, responsive, and coherent.

The economic managers – comprising of Finance Secretary Benjamin Diokno, Budget Secretary Amenah Pangandaman, and National Economic and Development Authority Secretary Arsenio Balisacan – said that these surveys should not be taken as a reflection of the actual state of the economy.

"GDP growth is the best measure of economic performance, and the Philippines' real GDP growth of 5.3 percent in the first semester of 2023 was in fact the highest among emerging markets in the ASEAN-6," the statement said.

The economic managers also noted that the Philippines' economic growth performance appreciated in an environment of elevated global economic and financial uncertainty.

"Rest assured that regardless of any survey, the economic team has been working doubly hard to improve the economy even against various headwinds," the statement said.

The economic managers also said they are working to temper inflation and bring it back to the target range of 2 percent to 4 percent by the fourth quarter of 2023.

"Our economic performance in 2022 was one of the best in the world, and we will do everything we can to make sure that we continue to achieve our growth targets and stay on track with our Agenda for Prosperity," the statement said.

The findings from the Pahayag's third-quarter survey indicate notable declines in the President's approval rating, dropping from 62 percent in the second-quarter survey to 55 percent. Similarly, his trust rating decreased from 54 percent during the same period to 47 percent.

"This decline in PBBM's approval rating extends to his Cabinet members and is notably driven by South Luzon," according to the independent and non-commissioned survey conducted by PUBLiCUS Asia Inc. from 7 to 12 September 2023.

Pangandaman said the Department of Budget and Management issued a circular on 9 August 2023, asking national government agencies to speed up program and project implementation due to the significant drop in government spending in the second quarter of 2023 to bring growth back on track.

"Our monetary and fiscal authorities have also been working tirelessly and in a coordinated manner to temper inflation to bring it back to the target range of 2 percent to 4 percent by Q4 2023 and settle within the target range in 2024 and 2025," Pangandaman said.