The Department of Finance (DOF) said that meeting the government’s economic growth target this year has become more certain, given the sustained recovery of domestic demand and improved labor market conditions.
The Department of Finance said that meeting the government’s economic growth target this year has become more certain, given the sustained recovery of domestic demand and improved labor market conditions.
“The strong growth was driven by the continuous recovery of the domestic economy and improving labor market conditions,” he added. In 2021, the Philippines emerged from the pandemic-induced recession with a GDP growth of 5.7 percent, reversing the 9.6 percent contraction in the previous year. Revenues are also on the rise, due in large part to the digitalization efforts of the Bureau of Internal Revenue and the Bureau of Customs, Diokno said.
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