Year End Report 2022 : PH economy emerges strong from pandemic The Philippines emerged as one of the fastest-growing economies in the Asia-Pacific region this year, as the government’s easing of mobility restrictions saw thousands of businesses reopen-
Schools, restaurants, hotels and airlines have resumed operations, generating jobs for those who were displaced at the height of the pandemic in the past two years. “The Philippines continues to sustain an upbeat labor market, leading towards a strong economic recovery from the impact of COVID-19 pandemic,” the National Economic and Development Authority said during the release of the latest labor market report.
The country’s gross domestic product expanded 7.7 percent in the first three quarters, above the government’s target growth range of 6.5 percent to 7.5 percent for the year despite the elevated inflation and the subsequent interest rate adjustments by the Bangko Sentral ng Pilipinas. Despite the successive interest rate hikes, outstanding bank loans still grew by more than 13 percent in September, underscoring the growing demand of households and companies for credit to support recovery and expansion.
DBS Bank Ltd. of Singapore also sees the Philippines as the fastest growing economy in ASEAN over the next two years. It expects the Philippines to register a GDP growth of 7.4 percent in 2022 and 6.3 percent in 2023. Recent economic indicators support the positive outlook for the economy. Manila Electric Company, the country’s largest power retailer serving Metro Manila and parts of Central Luzon and Calabarzon, said demand for electricity was expected to rise by nearly 6 percent in 2022 from a year ago and exceed the 2019 pre-pandemic level by 4 percent, led by the recovery in the commercial and industrial sectors.
Meanwhile, merchandise exports rebounded by 20 percent in October to a record $7.7 billion, although imports were still higher at $11 billion because of the country’s strong demand for fuel, capital goods, food and raw materials.
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