The government is expecting the economy to continue to recover in 2023 on the back of strong domestic demand, a Cabinet official said.

"This will be supported by the further reopening of the economy, a sound financial system, and a steady improvement in labor market conditions," Finance Secretary Benjamin Diokno said recently.

Diokno said that investments in agriculture, mining, and infrastructure development are also expected to boost growth.

He added that structural reforms pursued during the pandemic would translate to more investments in the economy.

The Finance Secretary also pointed to the government's current account deficit which he said remains financeable due to overseas Filipinos' cash remittances, business process outsourcing export revenues, tourism receipts, and more than adequate international reserves liquidity buffer.

"The government is prepared to pursue measures to sustain strong growth, reduce inflation, and further improve labor and employment conditions in the country. This, despite a global economy that is expected to further decelerate next year," Diokno said.

"An action plan, including the soon-to-be-released Philippine Development Plan, will prepare the economy for the expected global economic slowdown due to global financial tightening, the Russia-Ukraine war, and the deceleration of the Chinese economy," he added.

For his part, Rizal Commercial Banking Corporation chief economist Michael Ricafort said that the country's infrastructure spending has grown to about five percent of GDP (gross domestic product) in recent years, and is, thereby an important source of economic growth and development over the long term, with more airports, sea ports, roads, bridges, railways helping to improve productivity.