The Department of Finance (DOF) projects that the Philippines will be the fastest growing ASEAN country this 2022.
DOF Secretary Benjamin Diokno said that he is “confident that the economy will continue to expand this year, consistent with analyst consensus that projects the Philippines to post the highest growth rate in the ASEAN+3 region (the Association of Southeast Asian Nations plus Japan, China, and South Korea) despite challenging global economic conditions.”
The regional macroeconomic surveillance organization cited domestic consumption and investment as key drivers of growth in the country.
During the 182nd Development Budget Coordination Committee (DBCC) Meeting on July 8, 2022, economic managers of the Philippines adjusted the country’s GDP growth assumption rate for this year from 7-8 percent to 6.5-7.5 percent.
According to Sec. Diokno, this is due to the rising oil and commodity prices brought about by the ongoing Russia-Ukraine conflict.
