The Philippine Chamber of Commerce and Industry (PCCI) said the country’s impressive economic performance in 2022 will be a good foundation for continued growth this year.
“The entire year looks promising, the 2022 GDP rate is giving the economy a strong rebound,” said PCCI President George T. Barcelon, who attributed the 7.6 percent GDP growth last year to the reopening of the economy, particularly the face-to-face classes that fuel mobility and consumption, and the infrastructure projects that led to more economic activities.
For this year, Barcelon said growth may not be as rosy as 2022 because of the expected global economic recession. But he expressed confidence that growth this year will still hover near the seven percent level.
“I am confident it may not be 7.5 percent but hovering near seven percent because of consumption and reopening,” he said.
Growth this year, he said, will still be driven by the continued infrastructure projects. He said the pronouncement of President Ferdinand R. Marcos Jr. to build houses for the homeless would be a big boost in the construction industry, which has very wide industry linkage.
The continued low Covid infection rate should also encourage further rebuilding and more manufacturing operations, he said.
“Let us avoid any shortages in food items to avoid higher prices,” he warned as he pushed for improvement on the logistics side to reduce cost of transport and mobility from production hubs to the market.
The Makati Business Club (MBC) cited the domestic economy’s performance last year despite being hit by inflationary effects and supply chain disruptions for oil and other key food commodities.
“The country’s economy significantly rebounded due to the easing of pandemic restrictions resulting in increased consumer spending and growth in tourism with positive impacts on jobs,” MBC said in a statement.
MBC, however, noted of a challenging prospects for the global economy. The International Monetary Fund noted that “this year may feel like a recession.”