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The Senate leadership acknowledged the defined economic goals and “strong push” made by the Marcos administration to promote the nation as an investment destination, which contributed to the GDP increase, on Friday.

The country experienced its best GDP growth in 46 years, or since an 8.8 percent increase in 1976, with a fourth-quarter growth of 7.2 percent and an annual growth of 7.6 percent in 2022.

The “amazing result” is evidence that the government’s pandemic recovery efforts are effective, according to Senate President Juan Miguel Zubiri.

According to Zubiri, the Philippines presently boasts the distinction of having the fastest GDP growth in Southeast Asia. “Covid-19 has been a lengthy nightmare, but our move to gently and surely reopen our borders and our businesses have paid off,” Zubiri said in a statement.

“With the coordination between the administration and the legislative, we are determined to improve our economic policies and build on the successes that we have gained so far,” he continued. “I am hopeful that we will continue on an upward trend this 2023.”

Zubiri asserts that greater assistance is required for industries like trade, tourism, and transportation that are just beginning to recover from the pandemic.

“We must endeavor to spread this GDP growth to the whole public. Every Filipino must experience this growth in their daily lives for it to be considered a true victory, especially in terms of costs associated with living, he said.

Zubiri emphasized the significance of maintaining the nation’s macroeconomic policies and fundamentals in check to outstand its potential consequences in order to prepare for the prospect of a worldwide recession.

The chairman of the Senate Finance Committee, Senator Sonny Angara, has stated that the GDP growth plainly demonstrates that the economy has “bounced back after the historic depression caused by the pandemic.”

He also emphasized that much more work needs to be done to maintain the momentum.

“Data on growth in 2022 indicated that it was supported by consumer spending. This is not sustainable and is not ideal. The cost of goods continues to rise, and this, along with the impact on household savings, will have an effect on consumer spending in the first quarter of this year, according to Angara.

He continued, “We in Congress will offer our support to its proposals that will help manage inflation, create jobs, and rev up the economy.”

In a conference with the Philippine Statistics Authority on Thursday, Socioeconomic Planning Secretary Arsenio Balisacan stated that in 2021, the country’s GDP increased more quickly than the 5.7 percent output that was negatively impacted by the epidemic.

He ascribed the spike to the state of the labor market, increased travel, holiday, and retaliation spending, and the restart of in-person classes.

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