DESPITE a looming global recession, the Philippines is still expected to have one of the highest growth rates among six Association of Southeast Asian Nations (ASEAN) member-economies next year, Finance Secretary Benjamin E. Diokno said.
Families take photos at a Christmas village of Orchid Gardens Resort Complex in San Fernando, Pampanga, Oct. 24. — PHILIPPINE STAR/ MIGUEL DE GUZMAN
The Development Budget Coordination Committee projects gross domestic product growth at 6-7% in 2023, a narrower band than its previous target of 6.5-8%. The Asian Development Bank earlier this month gave a 6% GDP growth forecast for the Philippines next year. This is the second-fastest growth forecast among Southeast Asian economies, after Vietnam’s 6.3%.
President Ferdinand R. Marcos, Jr. on Dec. 16 signed the P5.268-trillion national budget for next year. “In a sea of downgrades as a consequence of the pandemic, major credit agencies have maintained the Philippines’ investment-grade credit ratings,” he added. “In addition, the country has a steady supply of foreign exchange from overseas Filipino remittances, export revenues from business process outsourcing firms, tourism receipts, and inflows from foreign diThe Philippines now has a more favorable economic environment after it removed barriers to foreign investments, and is committed to pursuing more infrastructure projects, Mr. Diokno said.
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