Despite the risk of inflation, the Philippine economy further grew at 7.6% in the third quarter of 2022, higher than the 7% recorded at the same quarter last 2021.

The economic cluster of the Marcos Administration attributed this to the further easing of mobility, the resumption of face-to-face classes, which boosted consumption and the relaxation of border restrictions and more simplified travel protocols.

“With an average economic growth of 7.7 percent in the first three quarters of 2022, we are on track to achieving the DBCC growth assumption of 6.5 to 7.5 percent for 2022,” said Finance Secretary Benjamin Diokno.

The Department of Finance says the Philippine economy grew faster than Indonesia and Singapore for the first three quarters of 2022.

Household consumption and investment are the main drivers of growth in the demand side. NEDA says this signifies that Filipino families are near their return to pre-pandemic life.

While on the production side, all sectors sustained their expansion which was mainly driven by the growth in the services and industry sectors.

“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 to 6.9 percent in the fourth quarter,” NEDA Secretary Arsenio Balisacan said.

RCBC Chief Economist Michael Ricafort says the near record high OFW remittances and exports, near record low unemployment rate, manufacturing expansion among pre-pandemic levels, continued FDI inflows, resumption and further easing of restrictions on foreign tourism among many others may help the economy further improve in the coming months.