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Economy

Philippine GDP grows 8.3% in Q1 ahead of Marcos inauguration

Economist fears debt burden will stay at 'dangerously elevated levels'

Phillipine President-in-waiting Ferdinand "Bongbong" Marcos Jr. will take over an economy that is still growing quickly but has a growing debt burden.(Nikkei collage/Ken Kobayashi)

MANILA -- The Philippine economy expanded by 8.3% in the first quarter of 2022 from a year earlier, as relaxed pandemic restrictions helped consumption after the January omicron outbreak.

Gross domestic product grew faster than the previous quarter's 7.8%, marking a turnaround from the first three months of 2021 when the economy contracted 3.8%. The median estimate of economists surveyed by BusinessWorld was 6.7%.

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