Philippine economy seen to grow by 5.5 percent in 2023 as pandemic recovery continues

The Philippine economy is seen to grow by 5.5 percent this year as laggard industries during the pandemic, such as hotels and restaurants, continue to pick up, BPI Lead Economist Jun Neri said on Wednesday.

The forecast assumes that Germany, Italy and other parts of Europe will be in recession, but higher growth in these areas may result in better earnings for overseas Filipinos which in turn will also be good for the Philippine economy, he said. 

The Philippines posted a 7.6 gross domestic product (GDP) growth in the third quarter of 2022. The state statistics agency has yet to release fourth-quarter and full-year data. 

• Philippine economy grows 7.6 percent in third quarter, on track for full-year target
• DBCC further narrows 2022 PH economic growth target to 6.5-7.5%