![]() Government data showed household spending slowed for a third straight quarter in the October-December period, growing at an annual rate of 7.0% from 8.0% in the third quarter. Like the rest of the world, the Philippines is battling red-hot inflation, currently running at 14-year highs, which if not tamed could crimp domestic consumption, a major driver of growth. On a quarter-on-quarter basis, GDP growth came in at 2.4% in October-December, compared with expectations for a 1.5% rise and the previous quarter's upwardly revised 3.3% expansion.īalisacan said the government was sticking with its 6.0-7.0% growth target for 2023, but that is not without risks, with the global economy expected to slow further this year roiled by the Ukraine conflict while rising inflation could lead to further policy tightening. He said China's reopening will be a boon for the Philippine economy, while protecting the purchasing power of Filipinos and ensuring food security would remain priorities for the government as the public grapples with high inflation. University of the Philippines head coach Anto Gonzales considered men’s football member Yoro Sangare as the paragon student-athlete. "We are confident that we will remain in our high growth trajectory," Baliscan told a media briefing on Thursday. The latest in Philippine sports news plus up-to-date info on top international teams and athletes in basketball, football, boxing, MMA and other sports. Manila's fourth quarter forecast-beating annual growth of 7.2% reported by the statistics agency compared with the 6.5% pace expected in a Reuters poll, and brought full-year expansion to 7.6%, the fastest since 1976 and above the government's target of 6.5 to 7.5%.Įconomic Planning Secretary Arsenio Balisacan attributed the stellar fourth-quarter performance to strong domestic demand, rise in jobs, and "revenge" spending following the lifting of pandemic curbs and full reopening in the last three months of the year. ![]()
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