{"id":27818,"date":"2022-04-11T22:29:38","date_gmt":"2022-04-11T15:29:38","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=27818"},"modified":"2022-04-11T22:29:38","modified_gmt":"2022-04-11T15:29:38","slug":"philippine-economy-to-grow-6-this-year-6-3-next-year","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/philippine-economy-to-grow-6-this-year-6-3-next-year\/","title":{"rendered":"Philippine economy to grow 6% this year, 6.3% next year"},"content":{"rendered":"

Southeast Asia’s economic growth is expected to be 4.9 percent in 2022<\/span><\/p>\n

\"\"
Easing COVID restrictions for fully vaccinated foreigners will also boost tourism and employment in the services sector. Z. Jacobs\/Shutterstock<\/figcaption><\/figure>\n

The Asian Development Bank (ADB) released its annual <\/span>Asian Development Outlook<\/span><\/i><\/a> report recently and showed that this year, the Philippine economy is expected to grow 6 percent and 6.3 percent in 2023.\u00a0<\/span><\/p>\n

The 2022 projection falls short of the initial seven to nine percent estimates, but next year\u2019s is well within its six- to seven percent range.<\/span><\/p>\n

ADB Philippines Country Director Kelly Bird said, \u201cPolicies to build the resilience of micro, small and medium-sized enterprises (MSMEs), which play a vital role in the country\u2019s economic recovery, should be strengthened to support the sector\u2019s digital transformation, business innovation, and skills development,\u201d\u00a0<\/span><\/p>\n

Under the Skills Up Net Philippines program, the ADB is currently assisting the government in providing employer-led skills training to selected sectors to upgrade MSME workers’ competencies.\u00a0<\/span><\/p>\n

Easing COVID restrictions for fully vaccinated foreigners will also boost tourism and employment in the services sector.<\/span><\/p>\n

More: The Philippines aims for a 7\u20139% growth in GDP in 2022<\/strong><\/a><\/p>\n

Additionally, shipbuilding is an emerging growth driver in the Philippine economy.<\/span><\/p>\n

Tens of thousands of oceangoing vessels have been worked on by Filipinos as a contribution to global commerce. An increasing number of these ships are being built and repaired domestically such as in industrial parks similar to the one in Balamban, Cebu, reported <\/span>The Manila Times<\/span><\/a>.<\/span><\/p>\n

The Philippines’ ocean industries accounted for 3.6 percent of the country’s GDP in 2018 with PHP622.2 billion (USD11.9 billion), according to the Philippine Statistics Authority (PSA).<\/span><\/p>\n

Industrial activities such as shipbuilding, repairs, and upgrades accounted for 34.2 percent of the value of the country’s ocean industries that year.<\/span><\/p>\n

In 2019, data from the Observatory of Economic Complexity revealed that the Philippines is the world’s fifth-largest provider of ships by tonnage, with the majority of these vessels being exported to markets in Japan, Taiwan, Germany, Liberia, and French Polynesia.<\/span><\/p>\n

Southeast Asia’s economic growth is expected to be 4.9 percent in 2022 and 5.2 percent in 2023, both higher than last year’s 2.9 percent growth.<\/span><\/p>\n

The Property Report editors wrote this article. For more information, email: propertyreport@propertyguru.com<\/a>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

Southeast Asia’s economic growth is expected to be 4.9 percent in 2022<\/p>\n","protected":false},"author":12,"featured_media":27819,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[464],"class_list":["post-27818","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-economy","news_country-philippines","news_author-property-report"],"acf":[],"yoast_head":"\nPhilippine economy to grow 6% this year, 6.3% next year | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.asiapropertyawards.com\/en\/philippine-economy-to-grow-6-this-year-6-3-next-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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