Employment improvements as of July do not mean the Philippine economy has improved significantly, a former Cabinet official said, given issues such as inflation having hit a new nine-year high.

In a speech at the Chamber of Thrift Banks (CTB) General Membership meeting at a hotel in Makati City, former National Economic and Development Authority (NEDA) Director General Cielito Habito said this week’s announcement that more Filipinos had jobs was not enough for the Philippines to be considered better off today than in the past.