Economic Planning Secretary Arsenio Balisacan said on Thursday, shortly after the government reported first-quarter growth of 5.7%, below 5.9%. ” he said. A Bloomberg survey found a percentage expansion.
“We are not against China,” Balisakan said. “I don’t think there is any attempt to disadvantage Chinese investors in the Philippines, especially private investors, because of these issues in the West Philippine Sea,” he added, using Manila’s term for the South China Sea. Ta.
The Philippine Statistics Authority on Thursday announced that gross domestic product (GDP) increased by 5.7% year-on-year in the three months ended March.
The latest data shows the resilience of the Philippine economy, which recorded Southeast Asia’s fastest expansion last year, but there are further signs that 17-year high interest rates and persistent inflation are hurting domestic activity. . Consumption, which accounts for more than 70% of production, rose 4.6% last quarter, the slowest growth since the pandemic.
Last quarter’s GDP could persuade the Philippine central bank, which has undertaken the most aggressive monetary tightening in 20 years to curb inflation, to keep its key policy rate unchanged at 6.5% at next week’s meeting. expensive.
Still, Balisakan remained optimistic about the growth outlook, predicting that economic expansion would accelerate this quarter and the Philippines could meet its 2024 growth target unless the government’s gains in combating inflation reverse.