• The Philippines weathered the fastest inflation and highest policy rate in 14 years to deliver a strong year-end performance that braces the economy for a bleak global outlook.
  • Gross domestic product in the three months through December grew 7.2% from a year earlier, the Philippine Statistics Authority said Thursday, versus a median estimate for a 6.6% advance in a Bloomberg survey.
  • For the full year, GDP expanded 7.6% in 2022, surpassing the 7.4% survey median and clocking in among Asia’s fastest expansions.
  • The country is poised to keep on growing near 7%, President Ferdinand Marcos Jr. said in an interview earlier this month, optimistic that the country can overcome the challenges of a slowing global economy.
  • Last quarter’s print showed that domestic demand held up even as inflation bolted to the fastest since 2008 that led to the most aggressive monetary tightening in two decades.