BUSINESS GROUPS said they expect tourism and agriculture to drive the economic recovery in 2023, with remittances providing a cushion against any possible external shocks.
Tourists continue to flock to Boracay, considered one of the top tourist attractions in the country. — PHILIPPINE STAR/ KRIZ JOHN ROSALES
The Bangko Sentral ng Pilipinas increased interest rates by 350 basis points in 2022, bringing its benchmark rate to 5.5% in response to high inflation and the weakening peso. Mr. Barcelon said tourism and agriculture could be the economy’s sources of strength, as will infrastructure. “Following the trip of Mr. Marcos to China, we expect improvement in the agricultural sector. We should also expect improvements in development cooperation, infrastructure, maritime security, and tourism,” she added.The government projects GDP to have increased between 6.5% and 7.5% last year. For 2023, the government has set a target range of 6% to 7%.
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