with production in most sub-sectors back to their pre-pandemic levels, Balisacan said, adding the economic growth came with more jobs, resulting in "vibrant labor market conditions," with the country's unemployment rate down to...
The Philippines economy has shown strong growth momentum during 2022, with GDP growth rising to 7.6% y/y in the third quarter of 2022. The easing of domestic COVID-19 restrictions during 2022 has allowed the rebound of household consumption spending, which helped to drive strong econo...
Meanwhile, some analysts have predicted that the Philippines might not even achieve the target range of 6.5 to 7.5 percent for 2022. r.nagy/Shutterstock The Philippine Statistics Authority (PSA) announced Wednesday that the country’s Q2 economic growth was revised upward due to improvements in con...
PhilStar.comreported earlier this year that the Philippines will experience an economic growth spurt within the next decade. In 2033, the GDP will reach USD1 trillion, which can be attributed to the rapid growth in private consumption spending, buoyed by strong growth in household incomes....
In his first State of the Nation Address in July 2022, President Ferdinand Marcos Jr. said his administration is looking to bring the Philippines to upper-middle income status by 2024. The country had targeted this milestone prior to the pandemic and is now back on track. Spe...
Philippines Q2 GDP Growth Accelerates to 6.3% The Philippines GDP expanded 6.3% year-on-year in the second quarter of 2024, accelerating from an upwardly revised 5.8% growth in the previous period and beating market forecasts of 6.2%. It marked the fastest economic expansion since the first ...
(IMF) sees the country maintaining average growth rates of 6.0-6.4% over 2024 to 2028.The key drivers of this economic growth include strong domestic demand,with private sector consumption accounting for up to 75% of the Gross Domestic Product (GDP), alongside remittances from overseas Filipino ...
"The recovery momentum is expected to strengthen in 2022," Gudmundsson said, adding that the medium-term economic growth is forecast to return to the pre-pandemic rate by 2024. In addition to continued sound macroeconomic policies, Gudmundsson said enhanced focus on the implementation of structural...
: 114,597,229 (growth rate: 1.6%); birth rate: 24.28/1000; infant mortality rate: 22.23/1000; life expectancy: 70.14 Capital and largest city (2022 est.): Manila, 14.406 million Other large cities: Davao 1.908 million; Cebu City 1.009 million; Zamboanga 931,000; Antipolo 925,000; ...
As the Philippine economy keeps growing, the Duterte administration expects a steady decline in the debt-to-GDP ratio to 38.5 percent by 2022 as economic growth is seen outpacing the increase in borrowings. "If we are not growing but borrowing that is really bad, but since we are growing we...