The Philippines has outlined ambitious plans for economic growth, riding on the wave of strong gross domestic product (GDP) figures from 2022.
The country’s new administration under president Ferdinand Marcos Jr., colloquially known as Bongbong, has seen a period of economic strength since it came to power in June 2022. The country is expected to record GDP growth of 7.6% for 2022, ahead of government projections of 6.5%–7.5%: one of the highest growth figures recorded in the region. Additionally the unemployment rate was recorded at 4.2% in November 2022, lower than pre-Covid-19 pandemic levels.
