Malacañang has attributed the 7.6 percent economic growth to President Ferdinand "Bongbong" Marcos Jr. "good economic stewardship."

"President Ferdinand R. Marcos Jr.’s good economic stewardship resulted in the Philippines posting 7.6 percent full-year growth in 2022, the highest in 46 years since the country recorded 8.8 percent growth in 1976," the Palace said in a statement on Thursday, Jan. 26.

According to the Philippine Statistics Authority (PSA), the Philippine Gross Domestic Product (GDP) posted a growth of 7.2 percent in the fourth quarter of 2022, resulting in a 7.6 percent full-year growth in 2022.

The PSA said that among the main contributors to the 4th quarter 2022 growth were wholesale and retail trade; repair of motor vehicles and motorcycles, 8.7 percent; financial and insurance activities, 9.8 percent; manufacturing, 4.2 percent.

The industries which contributed the most to the annual growth were: wholesale and retail trade; repair of motor vehicles and motorcycles, 8.7 percent; Manufacturing, 5.0 percent; and Construction, 12.7 percent.

In a statement, Socioeconomic Planning Secretary Arsenio Balisacan said the Philippine economy’s growth remains robust as the government continues to intensify its efforts to restore the economy to its high-growth trajectory, creating more and better-quality jobs and speeding up poverty reduction.

The administration’s improved Covid-19 risk management and the easing of mobility restrictions have created a positive economic outlook, boosting economic activity and creating more jobs despite external headwinds.

“We have drawn upon the lessons gained almost three years into the Covid-19 pandemic,” said Balisacan, who also heads the National Economic and Development Authority (NEDA).

“Our strong economic growth performance for 2022 proves that our calibrated policies and strategies have helped put us on the path to recovery and on track to achieving our aspiration for an inclusive, prosperous, and resilient society by 2028,” Balisacan pointed out.