The Philippines would not suffer a sharp economic slowdown next year due to strong domestic consumption, First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) said in a joint report.
The Philippines would not suffer a sharp economic slowdown next year due to strong domestic consumption, First Metro Investment Corp. and the University of Asia and the Pacific said in a joint report.
Moreover, FMIC and UA&P said investment spending, which is expected to accelerate especially on infrastructures and capital goods will also support growth in 2023. Inflation is also seen to ease to around six percent in the first-quarter after hitting a 14-year high in November. FMIC and UA&P attributed this to weaker demand for crude oil and commodities amid global recession.
“Given the indications that we are seeing in the fourth quarter, it’s likely going to exceed even the upper limit of that range. We expect to see robust growth in the fourth quarter,” Balisacan told reporters.
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