BSP: Philippine economy on track for 9% growth in second quarter

International Business News  –  According to Philippine media reports recently, Philippine Central Bank Governor Mandela said that the Philippine economy may grow by 9% in the second quarter, but the domestic economic growth in the Philippines is expected to slow down in the second half of 2022. Its forecast for Philippine GDP growth this year is 7%, the median of the government’s target of 6.5% to 7.5%.

The International Monetary Fund has sharply lowered its forecast for global economic growth in 2022 and 2023, pointing out that the conflict between Russia and Ukraine and intensified inflation may push the world economy into recession.

Mandela said that while Philippine consumption and capital formation have been growing rapidly this year, the outlook for the Philippine economy going forward will inevitably be affected by a slowdown in the global economy. Still, the central bank remains positive about economic development under the current president.

Net foreign direct investment in the Philippines rose 48.3% year-on-year to $989 million in April, the highest since December, data from the BSP showed.