PH Exceeded 2022 GDP Projections: Diokno

Philippine economic growth is likely to have exceeded the target of 6.5 to 7.5 percent in 2022, according to estimates stated by the national government, the Presidential Communications Office said.

Finance Secretary Benjamin Diokno made the estimate in a meeting with President Ferdinand “Bongbong” Marcos Jr in Davos, Switzerland as part of the Philippine delegation to the World Economic Forum.

In his estimate, Diokno also made a prediction that the economy would grow by 6.5 percent in 2023 due to a slowdown in the global economy.

This prediction will make the Philippines one of the best-performing nations, not the nation with the highest growth projections in the Asia-Pacific region.

According to Diokno, the strong growth of the country is attributed to the country’s bustling manufacturing sector, record-low unemployment, and stable banking system.

Moreover, he added in an announcement that the Philippines is “taking the first steps” in launching the Maharlika Investment Fund, which aims to support the goals set under the Philippine Development Plan 2023 to 2028.

The fund, which will be established in keeping with the highest standards of accountability and sound fiscal management, aims to diversify the country’s financial portfolio.

While the measure creating a sovereign wealth fund has been approved by the House of Representatives, it is yet to be discussed in the Senate.

The Finance Secretary hopes the Davos trip will bear fruit in that it will bring more intensive collaboration and cooperation toward the further transformation of the Philippine economy. (GFB)