Finance Secretary Ben Diokno announced on Monday that the Marcos administration is expecting the Philippine economy to grow by 6.5% in 2023.
During a luncheon speech in Davos, Switzerland at the World Economic Forum, Diokno said that the country’s gross domestic product (GDP) growth in 2022 likely exceeded the government’s growth target of 6.5 to 7.5 percent.
The finance chief said that while the growth forecast may appear low in 2023, this is still the highest forecast in the Asia-Pacific region.
Diokno cited the booming manufacturing sector, record-low unemployment rate, and a resilient banking system, could alleviate buffers against external headwinds.
Diokno also shared that President Bongbong Marcos is also taking the initial steps in launching the Maharlika Wealth Fund, the country’s first sovereign fund which is expected to help in funding the development plans of the Philippines.
“The fund, which will be established in keeping with the highest standards of accountability and sound fiscal management, aims to diversify the country’s financial portfolio,” the DOF chief said.
“May the next few days bring forth more intensive collaboration and cooperation towards genuine economic transformation,” said Diokno.
