The Philippine economy grew 7.6 percent in the third quarter of 2022.
National Economic Development Authority Secretary Arsenio Balisacan announced the country’s Gross Domestic Product posted a growth rate of 6.3 percent.
This makes the Philippines number 2 in the Asean region’s economic growth, 2nd to Vietnam’s 13.7 and Indonesia’s 5.7 growth.
Mr. Balisacan, in a press conference, noted, the country’s growth is largely due to household consumption and investment.
The NEDA Secretary added “on a seasonally adjusted quarter-per-quarter basis, the country’s economy grew by 2.9 percent, signifying its solid posture against current domestic and external risks.”
“With this, we are on track to achieving the government’s growth target of 6.5 to 7.5 percent for 2022. Given the latest GDP outturn, our economy needs to grow by 3.3 to 6.9 percent in the fourth quarter,” Mr. Balisacan went on to say.
The Secretary also said the growth turnout signifies that Filipino families are close to returning to pre-pandemic life, as more people visit restaurants and hotels and engage in recreational activities within the country.
On the production side, he added, all sectors sustained their expansion, mainly driven by the growth in the services and industry sectors.
“We also note the acceleration in the agriculture sector compared to the same period last year,” he noted.