DBM chief: Philippines’ economic growth ‘outstanding’

2023 May 11

Budget Secretary Amenah Pangandaman 


MANILA – The Philippines’ economic performance is becoming “outstanding,” Budget Secretary Amenah Pangandaman said Thursday, after the country posted a 6.4-percent gross domestic product (GDP) growth in the first quarter of 2023.

“With all these data coming in, I can say that the Philippines’ 6.4 percent is actually outstanding. It would be excellent if it reached 7 percent, but 6.4 percent, or even six percent, is already outstanding,” Pangandaman said in a statement.

The 6.4 percent economic growth in the first quarter of 2023 is well within the government’s target of 6 percent to 7 percent for this year.

Pangandaman said the latest expansion in the economy is an indication that 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,” she added.

Citing the latest available data from countries that have released their real GDP growth from the January to March 2023 period, Pangandaman said the Philippines “grew the fastest” among major emerging economies in the region, followed by Indonesia (5 percent), China (4.5 percent), and Vietnam (3.3 percent).

Pangandaman said the Philippines also displayed a “more rapid” growth compared to the projected first-quarter growth rates for Malaysia (4.9 percent), India (4.6 percent), Thailand (2.8 percent), Korea (0.8 percent), Singapore (0.1 percent), and Taiwan (-3 percent).

“Compared to other major emerging economies in the region, I think we are doing better,” she said.

“This quarter’s GDP performance indicates that the Philippines is returning to its high growth trajectory,” Pangandaman added, noting that the government now projects a 6.6 to 7.5-percent growth from the second quarter to the fourth quarter of 2023 and 7.1-percent full-year growth.

Pangandaman expressed confidence that the country will reach its growth projection, which remains at 6.5 to 8 percent for 2024 to 2028.

The growth target, she said, is attainable despite 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 eight-point Socioeconomic Agenda and the Philippine Development Plan 2023-2028 to attain an inclusive and sustainable growth for our country, and the Filipino people, ” she added.

In a separate statement, Socioeconomic Planning Secretary and National Economic and Development Authority (NEDA) director general Arsenio Balicasan said the economic outlook for the Philippines in the near and medium term “remains solid.” 

Ruth Abbey Gita-Carlos (PNA)