Philippine economic growth likely exceeded the target of 6.5 to 7.5 percent in 2022, the Presidential Communications Office said on Tuesday, citing remarks made by Finance Secretary Benjamin Diokno.
For 2023, the economy is estimated to grow by 6.5 percent due to the expected slowdown in the global economy, Diokno said during a luncheon with President Ferdinand Bongbong Marcos Jr in Davos, Switzerland.
“And that’s still one of the highest if not the highest growth projection in the Asia-Pacific Region,” the Finance Secretary said.
Marcos, his economic team and several of the country’s businessmen are in Davos for the World Economic Forum.
Dioko said external headwinds could be buffered by the country’s bustling manufacturing sector, record-low unemployment and stable banking system.
During his speech, Diokno also said the Philippines is “taking the first steps” in launching the Maharlika Investment Fund to support the goals set under the Philippine Development Plan 2023 to 2028, the OPS said.
“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,” the DOF chief said.
“May the next few days bring forth more intensive collaboration and cooperation towards genuine economic transformation,” the DOF secretary said.
The House of Representatives has approved the measure creating a sovereign wealth fund but it has yet to be discussed in the Senate.
