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Philippines remains optimistic to hit growth forecast in 2022

The Philippine government has remained optimistic on its economic growth forecast of up to 9% in 2022 despite the impact of Russia’s invasion of Ukraine. Socioeconomic Planning Secretary Karl Kendrick T. Chua said the National Economic and Development Authority (NEDA) is confident the Philippines could still reach its economic growth target this year. However, there are concerns the ongoing geopolitical conflict in Eastern Europe may hurt the Philippine economy’s recovery. Government economic managers said the Philippine economy will be “collateral damage” to the Russia-Ukraine war as oil and food prices increase. The conflict could also push up interest rates or the cost of borrowing, while investors are expected to be more conservative. Chua assured that the government is ready to support the affected sectors.

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