(File photo)
QUEZON CITY, (PIA) -- The Philippines will still see a “respectable growth” of 6 to 7 percent this year, despite an expected “sharp slowdown of major economies,” according to Socioeconomic Planning Secretary Arsenio Balisacan, Thursday.
“The improvements in labor market conditions, increased tourism, revenge and holiday spending, and resumption of face-to-face classes supported growth in the quarter, further reflecting a solid rebound in consumer and investor confidence in the economy,” Sec. Balisacan said during a national accounts press conference.
“Our strong economic growth performance for 2022 proves that our calibrated policies and strategies have helped put us on the path to recovery and on track to achieving our aspiration for an inclusive, prosperous, and resilient society by 2028,” he added.
The Philippine economy grew 7.6 percent last year, surpassing the government's target of 6.5 to 7.5 percent, as domestic consumption remained resilient despite soaring inflation.
Data released by the government showed gross domestic product growth was faster than the 5.7% recorded in 2021 and narrowly exceeded the government's projection of 6.5% to 7.5%.
The Philippines' performance is among the strongest in the region amid President Ferdinand Marcos Jr.’ vigorous effort to draw foreign investments.
This added to the seen improvement in the quality of employment as more Filipino workers continue to find not only remunerative but stable jobs.
Meanwhile, the observed rise in local tourism also generated a trickle-down effect to the recovery of other domestic sectors that had been gravely affected by the pandemic.
“Likewise, the government will continue to prioritize the creation and adoption of climate and disaster resilient technologies alongside the development and mainstreaming of early warning systems and anticipatory mechanisms that are imperative if they are to achieve and sustain gains in the agriculture and fishery sector,” Balicasan said, expressing the national government’s commitment to continue devising efficient interventions to improve the key commodities and outputs of the agriculture, forest, and fishery (AFF) sector.
Meanwhile, the government is also keen on lessening the impact of high inflation rate in the country by extending reduced tariffs, facilitating an accessible food supply chain, and reducing transport and logistics cost in hopes to further strengthen the purchasing power of Filipino households.
“As global and domestic headwinds persist and keep commodity prices elevated, protecting the purchasing power of Filipinos and ensuring food security remain at the top of the government’s priorities,” NEDA Secretary said.
Moreover, to boost employment productivity and support the efficient economic mobility of people, the national government is making a headway towards reducing commuting costs and addressing the traffic situation particularly in the National Capital Region (NCR). (PIA-NCR)
