Philippine Chamber of Commerce and Industry (PCCI) president George Barcelon has a rosy outlook for the Philippine economy for the full year of 2023, as he is optimistic that the gross domestic product (GDP) growth could reach 6 percent. Barcelon made the statement following the third quarter GDP result of 5.9 percent. 'We (GDP growth) should hit at 6 percent. We are entering the '-ber' months, and the last part of the year, people have more disposable income. That would boost the economy in the fourth quarter,' he said in a phone interview Thursday. He said remittance during the last quarter of the year would propel domestic spending along with the government disbursement of budget for its programs, especially for infrastructure. Barcelon also welcomed the easing of the unemployment rate and inflation that would help improve the economic performance for the rest of the months of 2023. The government eyes an economic expansion of 6 percent to 7 percent this year. For the Philippines to hit the 6 percent full-year GDP expansion, it has to log at least a 7.4 percent growth for the October to December period.

Source: Philippines News Agency