The Philippines just notched its fastest economic growth since disco music was rattling the airwaves and Gerald Ford was US president. Sustaining that pace against a gloomy global backdrop will be a challenge. READ:
Egg vendors arrange their products for sale at a store along Blumentritt in Manila, Jan. 26. Filipinos are grappling with soaring prices of food, including eggs. -- Photos by Walter Bollozos/The Philippine STAR
The economy grew 7.6% in 2022, data showed Thursday, its best performance since 1976. President Ferdinand Marcos Jr. is betting the country can keep on expanding near 7% this year. The “initial boost from pent-up demand will start to fade in the coming quarters,” said Oxford Economics Ltd.’s Makoto Tsuchiya. “Elevated inflation will continue to strain real purchasing power.”The Philippines is still grappling with soaring food prices that crimp day-to-day budgets. Costs of onions and sugar have spiked in the past months.
As the region’s biggest trading partner, China also is expected to breathe more life into Southeast Asian economies that have seen slower factory demand and sentiment. Philippine exports contracted in December.
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