The Philippine economy can be likened to a money train—it keeps on expanding robustly and nothing for now can stop it from speeding ahead. Know more:
The Philippine economy can be likened to a money train—it keeps on expanding robustly and nothing for now can stop it from speeding ahead.
The Philippines achieved the growth through economic reopening and without seeing another surge in new virus cases. The Department of Health has even reported a steady decline in infections despite the hectic economic activities in the fourth quarter. The services sector led the 2022 growth with 9.2 percent, followed by industry with 6.7 percent and agriculture with 0.5 percent. On the demand side, household spending grew 8.3 percent in 2022, while government expenditure increased 5.0 percent.
The 7.2-percent expansion in the fourth quarter marked the seventh consecutive quarters of growth of above 7.0 percent based on constant 2018 prices. It put the Philippines in the list of fastest-growing economies in the Asia-Pacific region in the fourth quarter of 2022, exceeding Vietnam’s 5.9 percent and China’s 2.9 percent.
I believe the Philippines is ready for more foreign investments this year, with the start of major infrastructure projects that will improve mobility and transportation in the country.
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