The Philippines says 2022 GDP likely grew fast

The government plans to spend at least 5%-6% of growth on infrastructure, Benjamin Diokno says Bloomberg

MANILA: The Philippine economy likely expanded much faster than the government’s target of 6.5% to 7.5% last year and is forecast to grow by around 6.5% this year amid a strong manufacturing sector, stable banking system and record low unemployment, finance secretary Benjamin Diokno says.

Diokno said an expected slowdown in the global economy could impact growth for 2023 but it’s “still one of the highest if not the highest growth projection in the Asia-Pacific region,” according to a statement from president Ferdinand Marcos Jr’s communications office.