Revenge spending or pent-up demand is one of the strongest growth drivers of the Philippine economy this year, but this rise in consumption would not be enough for GDP growth to exceed 6 percent this year. Know more:
REVENGE spending or pent-up demand is one of the strongest growth drivers of the Philippine economy this year, but this rise in consumption would not be enough for GDP growth to exceed 6 percent this year.
The local think tank said other growth drivers include infrastructure spending, as the budget of the Department of Public Works and Highways rose by 12.1 percent in 2023. Projects like the Metro Manila subway and North-South Commuter line are expected to “gain greater traction” this year, it added. Data from the Philippine Statistics Authority showed Household Final Consumption Expenditure grew 8.3 percent while Government Final Consumption Expenditure slowed to 5 percent in 2022.
This means every Filipino shelled out an additional P13.26 to buy goods worth P100 in 2022. Products worth P100 in 2018, the base year used to compute the Consumer Price Index , cost P113.26 last year. Koh also said consumer sentiment is weakening and investment activities are expected to plateau in 2023. The tight monetary policy will also likely weigh down the country’s economic prospects this year.Meanwhile, in a separate briefing on Tuesday, the International Monetary Fund has also downgraded its growth forecast for the ASEAN-5 or Indonesia, Malaysia, Philippines, Singapore, and Thailand.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Philippine companies seen raising up to $8.25B via bonds in 2023 - BusinessWorld OnlineMANILA – Philippine companies are expected to generate up to P450 billion ($8.25 billion) through bond issuance this year to fund expansion and repay debt, the country’s bond market operator said on Monday. “Domestic investment liquidity is alive and well,” Antonino Nakpil, president and chief executive officer of the Philippine Dealing & Exchange Corp (PDEX), […]
Read more »
Clark Aurora Music Festival happening again in April, 2023 | SoundStripAfter the massive success of the inaugural Clark Aurora Music Festival last June 2022 which gathered more than 150,000 attendees, the Philippines’ largest music festival is bringing back its magic this year. Know more:
Read more »
DHL Express Expands Philippine EV Fleet | CarGuide.PH | Philippine Car News, Car Reviews, Car Prices
Read more »
‘Development plan measured by its impact on lives’ | Samuel P. MedenillaMORE than economic targets, President Ferdinand R. Marcos Jr. said the success of the 2023-2028 Philippine Development Plan (PDP) will be based on its impact on the lives of ordinary Filipinos. In his speech during the PDP 2023-2028 Forum at the Philippine International Convention Center (PICC) in Pasay City, Marcos…
Read more »
E-ticketing for ship, ferry passengers now in finalization stage, PPA eyes 2023 implementationThe Philippine Ports Authority (PPA) is now on the final phase of the review and test of an online platform that would pave the way for the implementation of the electronic ticketing system for ship and ferry passengers.
Read more »