The Philippine economy will likely post a slower growth of 5.9 percent in 2023, compared to the 46-year high of
7.6 percent in 2022 amid weaker external demand, the ASEAN+3 Macroeconomic Research Office said Tuesday.
AMRO recently conducted its annual consultation visit to the Philippines from Aug. 29 to Sept. 8, 2023. The AMRO team was led by group head and principal economist Runchana Pongsaparn. The discussions focused on the risks and challenges facing the Philippines, and policy options to sustain the growth momentum, manage elevated inflationary pressures, restore fiscal buffers, and address long-term structural issues.
“Meanwhile, domestic demand is expected to remain robust supported by continued improvement in labor market conditions, lower inflation, robust overseas remittances, and higher government infrastructure spending,” Pongsaparn said.