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Election spending pushes Philippines economy up

Election spending has pushed the Philippine economy up in the first three months of this year. A survey yielded a gross domestic product (GDP) growth median estimate of 6.7% for Q1 2022, slower than the revised 7.8% growth in Q4. This is also below the government’s 7-9% target range this year. Emmanuel J. Lopez, economist at the Colegio de San Juan Letran Graduate School, said the Q1 GDP could have been bigger had there been no lockdown in the early part of January 2022 brought about by a slight surge of the pandemic that forced the slowdown in economic operation. Security Bank Corp.’s Chief Economist Robert Dan J. Roces said the outcome of the upcoming national elections and its new economic team will be the key in assessing direction of sentiment which in turn affects growth.

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