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Macroeconomic Prospects of the Philippines in 2023

The Philippine Institute for Development Studies (PIDS) will hold a public webinar titled “Macroeconomic Prospects of the Philippines in 2023” on February 9, from 2:00 to 4:30 pm, via Zoom.

This virtual event will feature the PIDS study “Macroeconomic Prospects of the Philippines in 2022-2023: Steering through Global Headwinds” authored by PIDS Senior Research Fellow Margarita Debuque-Gonzales, Supervising Research Specialist John Paul P. Corpus, and Research Analyst Ramona Maria L. Miral. The study reviewed the Philippines’ macroeconomic performance in 2021 and the first half of 2022, analyzed recent developments and challenges shaping the economy’s near-term outlook, and presented macroeconomic projections for 2022 and 2023. With the country’s sustained economic reopening, the analysis suggests that the economy may grow by about 7.1 percent, but economic activity may weaken in 2023 as the global economic environment deteriorates. Inflation will likely continue to be elevated in 2022 but may still fall within the central bank’s target range in 2023. Other risks include an uncertain business environment and a possible downturn in the world’s major economies. To aid the new government in maneuvering the rough seas of the domestic and global economy, the authors recommended several policy priorities and proposals, including (1) controlling inflation without harming growth; (2) smoothing exchange rate volatility but maintaining flexibility; (3) pursuing fiscal sustainability but protecting those at risk; (4) preparing for financial tightening and uncertainty; (5) addressing the pandemic scars; and (6) continuing the policy momentum on promoting greater competition, boosting investment competitiveness, and loosening stringent rules on foreign direct investments.

An e-copy of the full study is available at the following link:
pids.gov.ph/publication/discussion-papers/macroeconomic-prospects-of-the-philippines-in-2022-2023-steering-through-global-headwinds

Feb 9, 2023 02:00 PM in Taipei