The Asian Development Bank (ADB) has maintained its economic growth projection for the Philippines this year on the back of rising domestic demand and a recovery in the services sector, particularly tourism.
In the April 2023 edition of its flagship publication Asian Development Outlook , the ADB forecasted the Philippine economy to grow by 6.0% in 2023.in the December 2022 ADO supplement.
The ADB said the Philippine economic growth is expected to moderate “but will remain on a healthy expansion mode, underpinned by rising domestic demand and a recovery in services particularly tourism.” “Key to sustaining a strong growth momentum is keeping public infrastructure spending at levels above 5.0% of GDP, as the government has planned for this year and in the medium term. High-impact infrastructure projects that will help connect communities to markets and public services and provide access to jobs and livelihood will help increase rural incomes and support inclusive growth,” he added.
The lender said local food supply constraints and rising global commodity prices led to high inflation rates in early 2023. Some 4.1 million jobs were added over the year, mainly from the services sector as the tourism started to rebound from the COVID-19 pandemic, it said.
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