Philippines’ Q3 2023 economic growth upgraded slightly to 6.0%

Philippine economic growth for the third quarter of 2023 was upgraded slightly to 6.0% to account for changes in manufacturing, financial activities, and accommodation activities, the government reported Tuesday.

The latest figure marks a slight upward revision from the earlier reported gross domestic product (GDP) growth of 5.9%, following the 4.3% in the second quarter or the slowest pace in nine quarters since the pandemic-induced recession.

Major contributors to the upward revision were manufacturing (up 1.8% from 1.7%), financial and insurance activities (9.6% from 9.5%), and accommodation and food service activities (21.0% from 20.0%).

“The Philippine Statistics Authority revises the GDP estimates based on an approved revision policy which is consistent with international standard practices on national accounts revisions,” the PSA said.

The growth rate of the gross national income (GNI) was kept at 12.1%, while the year-on-year growth of the net primary income (NPI) from the rest of the world was revised downward to 111.6% from 112.5%.

Prior to the revision, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said the economy needs to grow by 7.2% in the last quarter of 2023 to hit at least the low end of the administration’s 6.0% to 7.0% GDP growth for the entire year.

First Metro Investment Corp. (FMIC) earlier said it expects GDP growth at 5.5% this year, while HSBC projects 5.3%, both lower than the government’s target.—AOL, GMA Integrated News