PHILIPPINES Economy: Growth Momentum Continues in Q2 2022

Описание: #Philippines #PHeconomy

The Philippine economy's recovery momentum continues in the second quarter, but it is slower than expected amid high inflation. However, the government is confident this year's growth target remains achievable, giving the central bank leeway to further tighten policy to curb price pressures.

According to the Philippine Statistics Authority, the country's gross domestic product sustained its expansion in the second quarter of 2022 growing by 7.4%, slower than a year earlier when the country expanded by 11.8%, and slightly less than the first quarter growing by 8.2%.

All sectors on the production side expanded in the last quarter, driven by the services and industry sectors at 9.1 percent and 6.3 percent, respectively. Transport, accommodation, food service, and other services have shown continued yet slow signs of recovery to their pre-pandemic levels.

Given this evidence, the Government agencies are committed to pursuing the country’s full reopening, including the return of face-to-face schooling to address the learning losses and increase domestic activities. The full reopening of the economy will indeed generate more income-earning opportunities. But the purchasing power of that income may be eroded by the high inflation, primarily resulting from increased fuel and food costs.
The Department of Budget and Management has recently approved the release of the second tranche of the Targeted Cash Transfer Program, which amounts to 4.1 billion pesos and will benefit four million Filipino families.
The newly installed Marcos administration, whose six-year term began on June 30, is further targeting growth in full-year GDP of 6.5 to 8% annually from 2023 to 2028, this growth target is one of the highest in the region.

Join this channel to get access to perks:
   / @aseananalytics