PH NOW HAS A DYNAMIC DOMESTIC ECONOMY AS GDP POSTED A 6.4% GROWTH IN Q1 2023 - PANGANDAMAN

Dateline Kamuning:

Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman highlighted the Philippines’ current dynamic domestic economy and positive outlook, as the Philippine Statistics Authority (PSA) reported that the country's gross domestic product (GDP) grew by 6.4 percent in the first quarter of 2023.

"The country now has a dynamic domestic economy. This means that even if the regional and global economic environment would worsen, ours has its own momentum and own dynamism to sustain growth," Secretary Pangandaman said.

“This quarter’s GDP performance indicates that the Philippines is returning to its high growth trajectory,” Pangandaman added.

The reported GDP growth performance figure is well within the government’s target of 6.0 to 7.0 percent for 2023. Further, based on latest available data from countries that have released their first quarter 2023 real GDP growth, the Philippines grew the fastest among major emerging economies in the region, followed by Indonesia (5.0%), China (4.5%), and Vietnam (3.3%). The Philippines likewise displayed a more rapid growth compared to the forecasted first quarter growth rates for Malaysia (4.9%), India (4.6%), and Thailand (2.8%). This is also higher than Taiwan (-3%), Korea (0.8%), and Singapore (0.1%).

“Compared to other major emerging economies in the region, I think we are doing better. With all these data coming in, I can say that the Philippines’ 6.4% is actually outstanding. It would be excellent if it reached 7%, but 6.4, or even 6.0%, is already outstanding,” Secretary Pangandaman said.

"So, we now project 6.6-7.5% growth from the second quarter to the fourth quarter of 2023, and full-year GDP growth target of about 7.1%," the Budget Secretary added.

Budget Secretary Pangandaman is likewise confident that the country will reach its growth projection, which remains at 6.5 to 8.0% for 2024 to 2028, amid various risks posed by geopolitical and trade tensions, possible global economic slowdown, and weather disturbances in the country. 

"Rest assured that the administration of President Ferdinand R. Marcos Jr. remains committed to implementing priority programs and strategies in line with our 8-point Socioeconomic Agenda and the Philippine Development Plan 2023-2028 to attain an inclusive and sustainable growth for our country, and the Filipino people," Sec. Pangandaman said.