Our economic growth from January to June 2023 was mainly due to high employment levels, the tourism sector picking up from a long slack, our students’ return to the classrooms, and the increase in new investment registrations.
Last week, our economic managers released a joint statement on the country’s economic performance for Q2 2023. And while they recognize that the economic environment will still be quite challenging for the remaining months of the year up to 2024, they are also optimistic about the Philippines’ overall economic performance.
Government spending decreased by 7.1 percent in the first semester of 2023, but this will accelerate in the coming months, the economic managers said. The implementation of government programs and projects will be expedited from hereon, with the agencies being instructed to formulate catch-up plans and to frontload the implementation of their programs.
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