NextGen Day

Felipe Medalla, governor of the Bangko Sentral ng Pilipinas (BSP), is confident that the domestic economy will grow by more than 6 percent in 2023 despite expectations for a sluggish global economy.

At the Tuesday Club event in Mandaluyong City, Medalla claimed that as the economy continues to be further opened up, there is still a significant level of unmet demand, particularly in the tourism and auto industries.

The pent-up demand will continue to propel the economy this year, he said, adding that the economy is healthy.

The government’s GDP forecast for this year has been reduced from 6.5 to 8 percent to between 6 and 7 percent, partly because advanced nations are predicted to grow more slowly.

Gross domestic product (GDP) growth in the first three quarters of 2022 averaged 7.7 percent, which was higher than the 6.5 to 7.5 percent forecast by economic managers.

Medalla claimed that because people will continue to spend after the lockdowns when the pandemic strikes in 2020, the 350 basis point increase in the central bank’s key rates last year is not anticipated to have an immediate negative impact on domestic demand.

He claimed that the demographic dividend is advantageous for the economy since a sizable portion of the population is employable, which promotes the growth of economic activity.

He noted that further growth in the business process outsourcing (BPO) industry would also support domestic growth.

One of the things supporting the economy is the BPO sector, which benefits from the availability of young, English-speaking Filipinos.

Since it began over 20 years ago, the industry has positioned the nation as one of the top two contact center outsourcing destinations in the globe, employing over 1.3 million people and making an annual economic contribution of about 9%.

According to Medalla, the increasing investment in infrastructure by both the public and private sectors is anticipated to boost the economy even more given the long-term benefits of having appropriate infrastructure.

The Marcos administration wants to maintain the increase from the previous administration’s infrastructure spending at roughly 5% of GDP.

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