BUSINESS
Economy resilient despite turbulent global market — NEDA
‘It was a very challenging year (but) the Philippines weathered the storm better than many other countries’ even as the Asian Development Bank reported that the country remains the best-performing economy in Southeast Asia
The National Economic and Development Authority on Thursday said the Philippine economy has remained resilient, emerging as a top performer in Asia in 2023 despite a turbulent global market.
In a Malacañang Press Briefing, NEDA Secretary Arsenio Balisacan said that the Philippines has shown remarkable resilience amid the global slowdown this year.
"It was a very challenging year," Balisacan acknowledged, noting that international projections for global growth were significantly downgraded compared to earlier forecasts.
However, he emphasized that the Philippines has weathered the storm better than many other countries.
"We have not given up yet on 6 percent (gross domestic product growth rate)," Balisacan said, referring to the government's target range of 6-7 percent for 2023.
El Niño
In his year-end press chat last Wednesday, Balisacan said the country is adjusting its economic growth expectations for the upcoming year due to the anticipated challenges during the El Niño weather phenomenon.
While the goal for medium-term gross domestic product growth of 6 percent to 7 percent is still a target, Balisacan said achieving the range's upper limit is no longer feasible for the coming year.
"Even if we miss (the target range) slightly, we should be proud of our performance relative to other countries," Balisacan said.
ADB report
Balisacan highlighted that the Philippines remains the best-performing economy in Southeast Asia, according to a recent report by the Asian Development Bank.
He attributed this success to factors such as strong domestic demand, rising remittances, and a stable macroeconomic environment.
However, Balisacan acknowledged that there were hiccups, particularly in the first half of the year, when government spending slowed down.
Lesson learned
He described this as a "lesson learned" and assured that measures are being taken to ensure smoother implementation of programs in 2024.
Looking ahead, Balisacan expressed optimism for the Philippines' continued economic growth.
"Development observers are now seeing the Philippines as a rising star in this part of the world," Balisacan said.
"We are optimistic that despite the challenges, we have done well and will continue to do so," he added.