Vendors tend to their produce at the vegetable stalls in Guadalupe Public Market in Makati City on January 13, 2023. Jonathan Cellona, ABS-CBN News
MANILA (UPDATE)— Philippine economic growth likely exceeded the official target of 6.5 to 7.5 percent in 2022, the Presidential Communications Office said on Tuesday, citing remarks made by Finance Secretary Benjamin Diokno.
For 2023, the economy is estimated to grow by 6.5 percent due to the expected slowdown in the global economy, Diokno said during a luncheon with President Ferdinand Bongbong Marcos Jr in Davos, Switzerland.
"And that’s still one of the highest if not the highest growth projection in the Asia-Pacific Region,” the Finance Secretary said.
Marcos, his economic team and several of the country's businessmen are in Davos for the World Economic Forum.
Dioko said external headwinds could be buffered by the country's bustling manufacturing sector, record-low unemployment and stable banking system.
National Economic and Development Authority (NEDA) Undersecretary Rosemarie Edillon, in a separate briefing, said the government will bolster its digital transformation and domestic tourism.
NEDA is anchoring the country's targets on the Philippine Development Plan (PDP), Edillon said, which the agency outlined as "growth drivers."
"I think we have observed na ganoon na ang nagiging strategy ni Pangulong Marcos na [gawin] itong holiday economics that would boost domestic tourism," she said during a televised briefing.
We are hoping na unti-unti nang lumakas ang ating international tourism. Sa pagbubukas ng ibang bansa tulad ng China... nandyan yung sa manufacturing sector at yung iba nating sector tulad ng construction," she added.
The NEDA official said these growth drivers will help keep the economy afloat despite an economic slowdown.
MAHARLIKA INVESTMENT FUND
During his speech, Diokno also said the Philippines is "taking the first steps" in launching the Maharlika Investment Fund to support the goals set under the Philippine Development Plan 2023 to 2028, the OPS said.
“The fund, which will be established in keeping with the highest standards of accountability and sound fiscal management, aims to diversify the country’s financial portfolio,” the DOF chief said.
“May the next few days bring forth more intensive collaboration and cooperation towards genuine economic transformation," the DOF secretary said.
The Department of Foreign Affairs last week said the soft launch of the proposed sovereign wealth fund in the prestigious forum will give an opportunity for the country to present the measure to world leaders and businessmen.
The House of Representatives has approved the measure creating a sovereign wealth fund but it has yet to be discussed in the Senate.
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