The Philippines’ gross domestic product grows at a faster-than-expected rate of 7.6% in the third quarter of 2022. Full story:
Socioeconomic Planning Secretary Arsenio Balisacan said in a press briefing on Thursday that the government is likely to hit its GDP target. Growth in the fourth quarter must be between 3.3% and 6.9% for full-year growth to be within the target band.
Balisacan added that further easing of mobility and the resumption of face-to-face classes boosted consumption. “While these developments are remarkable, I want to underscore that our nation still faces a considerable burden in the form of high inflation due to heightened external risks and the brunt of recent typhoons,” Balisacan said.
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