NextGen Day

In accordance with Moody’s growth projection for the Philippines in 2023, members of the Development Budget Coordination Committee (DBCC), presided over by Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman, gave their optimistic prognosis for the Philippine economy.

GDP growth in 2023 is projected to be between 6.0 and 7.0 percent, as approved by the DBCC. This is consistent with Moody’s 6.4 percent growth forecast, which will make the nation’s economy the fastest-growing in the Asia-Pacific region.

Vietnam will come in second, according to Moody’s projection, with a growth rate of 6.1 percent, followed by China (5.1 percent), India (5 percent), Indonesia (4.7 percent), Thailand (3.9 percent), and Malaysia (3.8 percent).

According to Pangandaman, the government has implemented public investments within the suggested national budget for FY 2023 that will help the economy grow even further. The administration’s broad objective of economic transformation serves as the foundation for these spending goals.

The budget chief stated, “Our budget is still grounded in the 8-point socioeconomic program to enhance human capital and support infrastructure projects,” on Monday during the press conference held after the DBCC’s 183rd meeting.

Priorities for spending have been defined for the coming year, together with reforms to improve local government capacity and governance, and with legislative measures to coordinate the rollout of initiatives that support broad-based growth.

Additionally, Department of Finance Secretary Benjamin Diokno explained that the projected global economic slowdown is the reason for the minor change in the target GDP growth for 2023 to 6.0 to 7.0 percent. Even yet, the economic team is optimistic that the nation can achieve Moody’s projection of 6.4 percent by relying on the robustness of our domestic economy, which will act as a buffer against external headwinds.

The economic managers are certain that with these policies in place, the projection will be realized and even exceeded due to the upward trend in domestic demand and the tamed inflation brought on by stable oil prices.

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