Trade Secretary Alfredo Pascual expressed confidence the economy will sustain its growth this year after a “well” performance in 2023.
In his speech at the luncheon hosted by the Italian Chamber of Commerce of the Philippines in Makati City yesterday, Pascual narrated the factors that would drive this year’s growth.
Pascual is confident private consumption would support the expansion as inflation is expected
to return within the low target range, falling oil prices.
He said robust public spending, greater investments lured by the country’s sound macroeconomic fundamentals, investment-grade credit ratings, and the implementation of structural reforms would also contribute to the economic growth.
Pascual sees increased demand for Philippine exports as supply chain bottlenecks ease.
The supply side, he said, will be supported by a broad-based expansion in all major sectors of the economy led by services and industry.
“While the Philippine economy performed well despite geopolitical challenges in 2023, we are rallying for an even better outlook this year,” he said.
Pascual told Italian businessmen the Philippines is not only after growth but considers industrial transformation as equally important, if not more important.
“We aspire to become the regional hub for smart and sustainable manufacturing and services,” he said.
The economy expanded 5.6 percent in 2023, below the 7.6 percent expansion in 2022 as well as the government’s growth assumption of six to seven percent.
