Manila, Philippines - The Philippine Chamber of Commerce and Industry (PCCI) has expressed optimism about the country's economic prospects, predicting a potential 6% growth in the gross domestic product (GDP) for the full year of 2023. This forecast follows the 5.9% GDP growth recorded in the third quarter.
According to Philippines News Agency, President George Barcelon shared his positive outlook during a phone interview on Thursday. He emphasized that the economic boost expected in the fourth quarter, commonly referred to as the '-ber' months, could be a significant factor in achieving this target. Barcelon noted that increased disposable income during this period, coupled with remittances and government spending on infrastructure and other programs, should contribute to this growth.
Barcelon also welcomed the recent easing of the unemployment rate and inflation, which are expected to positively impact the economy's performance in the remaining months of 2023. To reach the projected 6% full-year GDP expansion, the Philippine economy would need to achieve at least a 7.4% growth rate in the October to December period. The government has set an economic expansion goal of 6% to 7% for the year.