Business News Asia
The Philippine economy grew faster than expected in Q3 2022. This may prompt the Philippine central bank to tighten monetary policy further to contain inflation in the face of steadily recovering demand.
The Philippine Bureau of Statistics reported that gross domestic product (GDP) rose by 7.6% year-on-year in the third quarter. This was stronger growth than the 7.5% recorded in the second quarter.
The Philippine stock market index rose immediately after the unexpectedly high GDP growth was announced. Meanwhile, the peso fell 0.3% to 58.170 pesos per dollar.
The Minister of Economic Planning announced that the factor contributing to the strong GDP growth in the third quarter was household consumption expenditure. Consumer spending increased by 8% year-on-year in the third quarter.
The Philippine economy is likely to achieve its growth target of 6.5 to 7.5% this year.