The Philippine economic growth could have reached the target of 7.5 percent in 2022, with the fourth quarter growth pegged at 6.8 percent, according to Security Bank AVP and Chief Economist Dan Roces.

Indicators showed signs of positive growth such as low unemployment, which is good for consumption, as well as car sales growth that signals confidence.

For 2023, the economy is expected to grow by 6.3 percent with consumption remaining as a key driver.

However, Roces warned that inflation could remain elevated this year while global slowdown and the ongoing geopolitical crisis remain risks.

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