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The Philippines’ gross domestic product (GDP) increased by 7.2 percent in the fourth quarter of 2022, translating into a 7.6 percent full-year growth, putting the country “on track” to achieve a single-digit poverty rate by 2028.

Amenah Pangandaman, secretary of the Department of Budget and Management (DBM), applauded the nation’s outstanding growth performance in 2018, which exceeded economic managers’ target range of 6.5 to 7.5 percent of GDP for the entire year 2022.

She referred to a plan that would address the immediate and pressing concerns of Filipinos in the near- and medium-term as the “Agenda for Prosperity,” saying that the report “validates our country’s economic strategies and it rightfully shows that this government, headed by our President Ferdinand R. Marcos Jr., is on track with our Agenda for Prosperity.”

According to international financial institutions and private sector predictions, the Philippines continues to have one of the region’s fastest-growing economies, and Pangandaman stated the GDP growth bodes well for the country.

She continued, “We are optimistic that we can attain single-digit poverty levels and upper middle-income status in accordance with the plan as long as we continue to follow our economic strategy.

She added that the national budget of PHP5.268 trillion for 2023 would continue to provide the funds required to fulfill the Marcos administration’s objective of economic and social change.

The 2023 national budget, which is focused on achieving post-pandemic economic recovery, was enacted by Marcos on December 16 of last year.

According to him, the national budget for 2023 would give the government a weapon to reform the economy and implement the necessary structural adjustments in order to achieve the administration’s objectives.

Pangandaman stated that maintaining food security and preserving the purchasing power of typical Filipinos remain “top government concerns.”

In addition to this, she said that implementing structural reforms, raising worker productivity, and committing to sound governance practices, such as transparency to revivify the investment climate, would ensure growth in 2023.

The Economic Team is still upbeat and hopeful about the state of the Philippine economy under President Bongbong Marcos’ capable leadership, she stated.

“We are sure that attaining inclusive growth for all Filipinos is now closer at hand,” she continued. “With the help, trust, confidence, and support of the corporate sector, civil society, and development partners, and with the proper policies and spending priorities established in place.

The Philippine Statistics Authority (PSA) said on Thursday that the GDP increased by 7.2 percent in the fourth quarter of 2022, translating into a 7.6 percent growth for the entire year.

Wholesale and retail trade, automotive and motorcycle maintenance (8.7%), banking and insurance operations (9.8%), and manufacturing (4.2%) were the key drivers of growth in the fourth quarter of 2022, according to the PSA.

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