PH targets 7% growth by year-end
The Philippines’ Department of Finance Secretary Benjamin Diokno said that the government is expecting to hit 7 per cent growth by the end of the year, one of the strongest economic performances in the world.
“It might slow down maybe to about 6.5 [percent] but that is still one of the strongest growth rates in the world,” Diokno said in a briefing.
“So, let’s not despair that we will slow down from 7 [percent] to 6.5 [percent],” he added.
Diokno said that the country’s economic recovery is gaining strong traction, saying that despite a gloomy economic outlook globally, the domestic economy is looking bright.
During the third quarter of the year, the country’s gross domestic product (GDP) closed at a stronger-than-expected level of 7.6 per cent.
Diokno also pointed out the rising revenue collections that reached P2.9 trillion by the end of October, 18.3 percent higher compared to the same period last year.
“We are now at 89 percent [as of October] of our goal for 2022. So, we are very optimistic that we will exceed our targets. With this strength, we expect revenue collections to even surpass the pre-pandemic levels this year,” he said.
Diokno said that the gross international reserves went up to $94 billion as of end-October. The Philippines Peso, he said, is also beginning to recover after falling to P59 against the US Dollar. Unemployment is also recorded at 5 per cent in September, the lowest in almost 2 years.
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