NEDA chief expects 2022 PH GDP to exceed expectations

MANILA, PHILIPPINES — The Gross Domestic Product (GDP) of the Philippines for 2022 could surpass the government’s target due to a “robust fourth-quarter economic performance,” said National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan. 

During a Malacañang Palace briefing, Balisacan stated that the country’s economy had already exceeded expectations in the first three quarters of the year — reaching six to 7.7% — and given the indications seen this Q4, “it’s likely going to exceed even the upper limit of that range.”

The government’s GDP growth target for 2022 falls between 6.5 to 7.5%.

However, despite the NEDA chief’s optimism, he also noted that a faster inflation rate could slow down the country’s GDP growth.

Average inflation for the past 11 months was at 5.6%, still within the government’s target of 5.8 percent for this year. But the country saw a record eight per cent inflation rate in November — the fastest increase in prices of goods and services in 14 years.

“These risks may ease growth in the fourth quarter,” Balisacan added.