Let me greet you a Happy New Year! as we start 2023 on an auspicious note. May this year be kind and favorable to all Filipinos here and abroad. Know more:
Let me greet you a Happy New Year! as we start 2023 on an auspicious note. May this year be kind and favorable to all Filipinos here and abroad.
The common assumption is that we are poised to sustain this growth in 2023, and I believe we have the capability to attain a gross domestic product expansion of 6 percent to 7 percent, in line with the government’s target. The Department of Tourism reported that international visitors are back, with arrivals reaching 2.46 million in the first 11 months of 2022. These visitors infused P149 billion worth of tourism receipts into the local economy.
Major banks are highly stable after posting double-digit growth in loans and deposits in 2022 despite the high-interest regime. Retail is also on the mend, as shown by the impressive mall traffic during the holidays. Manufacturing remains in good shape, while the services sector continues to expand. Overall, consumer spending is steadily improving and will continue to fuel the growth of the economy this year.
From what I understand, the six-year plan will address short-term, medium-term and long-term challenges. Among the urgent issues that it identified are the protection of people’s purchasing power, mitigation of the socioeconomic scarring in human capital and ensuring that vulnerable population segments are given targeted assistance.
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