DOF optimistic about exceeding 7.5% growth in 2023

MANILA, PHILIPPINES — The Department of Finance (DOF) is in high spirits opening the new year, saying that exceeding the official target of 6.5 per cent to 7.5 per cent economic growth this year is “doable.”

Secretary of Finance Benjamin Diokno said in a statement that “the worst is over and the best is yet to come” for the Philippines. 

“On the economy, after a modest recovery in 2021, the Philippine GDP will likely grow much faster than the official target range of 6.5 to 7.5 percent this year,” Diokno said. 

He projects that all sectors will see what he described as “surging growth” in 2023. 

“The employment outlook is another source of optimism. Unemployment rate slid to 4.5 percent, lower than the 5.3 percent unemployment rate during the pre-pandemic period. There were 4.6 million new jobs in October 2022 compared to the level posted during the pre-pandemic period. Underemployment rate in October 2022 (14.2 percent) was lower than the January 2020 pre-pandemic period (14.8 percent),” Diokno said. 

In 2022, more Filipinos have joined the workforce. In October the participation rate was 64.2%, higher than the 61.7% recorded in the January 2020 pre-pandemic period.

Diokno elaborated on the reasons for the optimistic outlook for the country’s economy in 9 points. Among them, are the healthy investment climate, stable and resilient banking system, tech-savvy young Filipinos, and the government’s commitment to building infrastructure.