Risks mount for Philippines after best growth in half a century

The Philippines is still grappling with soaring food prices that crimp day-to-day budgets. Costs of onions and sugar have spiked in the past months. - AFP

MANILA (Bloomberg): The Philippines just notched its fastest economic growth since disco music was rattling the airwaves and Gerald Ford was US president. Sustaining that pace against a gloomy global backdrop will be a challenge.

The economy grew 7.6% in 2022, data showed Thursday (Jan 26), its best performance since 1976. President Ferdinand Marcos Jr is betting the country can keep on expanding near 7% this year.