The gross domestic product posted a 7.6 percent growth in the third quarter, the second fastest in the ASEAN region behind only Vietnam which turned in a 13.7 growth during the same period.

Philippine Statistics Authority data showed the main contributors to the third quarter 2022 growth were: Wholesale and retail trade, repair of motor vehicles and motorcycles, financial and insurance activities, and construction.

The third quarter's GDP exceeded the median analyst forecast of 6.3 percent meaning that the figure was above the expectation of experts.

Senator Christopher Lawrence "Bong" Go said the country will sustain the remarkably fast acceleration of the economy, now the second fastest in Southeast Asia, especially as we recover from the pandemic.

"This economic performance is not an overnight miracle. I hope that we will continue to sustain the many gains achieved by the previous Duterte administration and the current Marcos administration as we march towards full and inclusive recovery soon," he indicated.

"On a seasonally adjusted quarter-per-quarter basis, our economy grew by 2.9 percent, signifying our solid posture against current domestic and external risks," Socioeconomic Planning Secretary Arsenio Balisacan said.

Within target

"With this, we are on track to achieving the government's growth target of 6.5 to 7.5 percent for 2022. Given the latest GDP outturn, our economy needs to grow by 3.3 percent to 6.9 percent in the fourth quarter," Balisacan added.

The concurrent National Economic and Development Authority chief said household consumption and investments were the main drivers of growth.

"To stabilize rising inflation and protect the purchasing power of Filipinos, the government is providing cash transfers, fuel discounts, and other forms of targeted assistance," he explained.

"We are also considering the extension of Executive Order 171 which significantly reduces tariffs on rice, pork, and corn thereby enhancing food security while food prices remain elevated," he said.

Balisacan added that the "government will focus on climate change adaptation measures" and "will ensure a timely response to the damage inflicted by extreme weather events in the country."

MBC: Resiliency key

Counting senior executives from some of the country's largest corporations among its members, the Makati Business Club is calling on the national and local governments to ensure robust disaster resilience programs in their respective cities and municipalities — to protect industries, and most importantly, communities amid the steady growth.

China Bank chief economist Domini Velasquez told the Daily Tribune that the third quarter GDP figure being on the upside of estimates cemented the forecast target.

"It also provides more wiggle room for the Bangko Sentral ng Pilipinas to raise rates by at least 6 percent without slowing growth too much. A jump in private sector spending and investment also relieves pressure from the government to spend, instead, government spending can take a backseat and carry on with fiscal consolidation," Velasquez added.

House Speaker Martin Romualdez attirubuted the growth to President Marcos' silent efforts to overturn the pandemic-stricken economy despite quickening inflation.

"President Marcos silent hard work on uplifting the economy is beginning to work. The economic expansion in the months of July to September 2022 is proof of that," Romualdez said.

Economist-lawmaker Joey Salceda, a well-known figure-cruncher in the lower chamber, referred to the high GDP as a "boom boom economy," as it showed signs of exceptional strength amid global headwinds.

The Albay solon's "bullish" forecast was consistent with the current administration's quarterly report even prior to the report's official release.

"OFW remittance figures also jumped in August, near the end of the quarter. Data from the Bangko Sentral ng Pilipinas showed cash remittances sent through banks stood at $2.72 billion in August, higher than the $2.60 billion a year earlier.The growth in remittances was the fastest since 4.4 percent in June," Salceda said, highlighting the signs of strong economic growth under the Marcos administration.

Viet PM's praise

Marcos on Thursday earned praise from Vietnamese Prime Minister Pham Minh Chinh on the continued high rate of the gross domestic product of 7.6 percent, one of the highest growth rates in Asia, Malacañang said.

The two Southeast Asian leaders held a bilateral meeting on the sidelines of the 40th and 41st Association of Southeast Asian Nations Summits and Related Summits in Phnom Penh, Cambodia.

The Vietnamese leader also invited Marcos for an official visit in Vietnam — an invitation extended by Nguyễn Phú Trọng, General Secretary of the Communist Party of Vietnam, and Nguyễn Xuân Phúc, President of Vietnam.

Pham expressed his country's interest in multiple facets of cooperation — especially for agriculture and maritime cooperation, according to the Office of the Press Secretary.

OPS added that the bilateral meeting focused on building strategic cooperation and stronger relations between the Republic of the Philippines and Vietnam.

After the meeting, Pham and Marcos agreed to further strengthen their relations across several areas such as defense, trade, investment, agriculture, and maritime security.

Meanwhile, Budget Secretary Amenah Pangandaman said the latest figure signifies that the country is "far from recession."

"We continue to support this with a firm fiscal consolidation plan. We can move forward with confidence that the Philippine economy is sound and far from recession," Pangandaman said.

"The 7.6-percent growth shows that socioeconomic objectives can be achieved amid a high inflationary environment, tightening monetary policy stance, and even the depreciating peso against the US dollar," she added.

The Budget Secretary assured the Filipino nation that the government's economic team would sustain the economic growth.