The Philippine economy is expected to grow 5.9 percent this year amid weaker external demand, the ASEAN+3 Macroeconomic Research Office
“[The] Philippines’ economic growth is projected to moderate to 5.9 percent in 2023 due to high base effects and weaker external demand, before edging up to 6.5 percent in 2024 as external demand recovers,” said AMRO principal economist Runchana Pongsaparn who led the annual consultation visit to the Philippines from Aug. 29 to Sept. 8, 2023.
The gross domestic product of the Philippines expanded by 4.3 percent in the second quarter and 5.3 percent in the first half of 2023. It said despite some moderation, inflationary pressure would likely remain elevated as reflected in the high level of core inflation, due to a positive output gap and the second-round effects induced by increases in the minimum wage and expectations of persistently high inflation.
AMRO said an economic slowdown in major trading partners and volatility in the global financial market, along with tighter financial conditions, also posed risks. AMRO noted that the BSP tightened monetary policy aggressively to address rising inflation and raised the policy interest rate by a cumulative 425 basis points between May 2022 and March 2023.
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