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Philippines economy likely to grow by 6.5% in 2023

Finance Secretary Benjamin Diokno said the Philippine economy is forecast to grow by around 6.5% this year amid a strong manufacturing sector, stable banking system, and record low unemployment. Diokno said an expected slowdown in the global economy could impact growth for 2023 but it’s “still one of the highest if not the highest growth projection in the Asia-Pacific region”. He said the country’s strong economic fundamentals can alleviate the impact of external headwinds. He added that opening economic sectors to foreign equity can further sustain growth. Diokno said the government plans to spend at least 5-6% of gross domestic product on infrastructure. The latest growth projection for this year comes just over a month after Marcos’s economic team cut its 2023 growth forecast to 6-7% from 6.5-8%.


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