2023 1st quarter GDP lowest in 7 quarters

PEZA approvals jump 107% to P33-B in January-April

The Philippine Economic Zone Authority (PEZA) reported Thursday that its investment approvals in the first four months of the year jumped by 107.5 percent to PHP33.09 billion from PHP15.98 billion in the same period in 2022.

In a statement, PEZA Director General Tereso Panga said these pledges came from 60 projects that registered with the agency from January to April this year.

The country’s gross domestic product in the first quarter of 2023 stood at 6.4 percent, or 1.9 percent lower than the 8.4 percent reported for the same period last year, according to a report released by the Philippine Statistics Authority (PSA) on Thursday.

Panga said these investments are expected to generate additional export revenues of USD1.01 billion and create 7,469 direct jobs.

For April 2023 alone, PEZA registered 14 new and expansion projects —seven came from logistics service enterprises, four export manufacturing enterprises, and three information technology enterprises.

PSA said the recent figure was the lowest GDP after seven quarters when the country showed signs of recovering from the impact of the COVID-19 pandemic in the second quarter of 2021. It said the major sectors largely contributing to the first quarter growth were wholesale and retail trade, repair of motor vehicles and motorcycles at 7.0 percent, financial and insurance activities at 8.8 percent, and other services at 36.5 percent.

The PSA said agriculture, forestry, and fishing posted a 2.2-percent growth, industry 3.9 percent, and services 8.4 percent.

For 2022, the country reported a 7.57 percent GDP.

Davao Region was hailed as the third fastest regional economy after it posted an 8.1-percent gross regional domestic product

(GRDP), only behind Western Visayas and Cordillera Administrative Region with GRDPs of 9.3 percent and 8.7 percent, respectively.

The region’s GRDP for 2022 was also the highest among the regions in Mindanao and the only one that remained above the national average.

Zamboanga Peninsula recorded a GRDP of 7.5 percent, Northern Mindanao 7.16 percent, Soccsksargen 6.59 percent, Caraga 5.9 percent, and Bangsamoro Autonomous Region in Muslim Mindanao 6.61 percent.

In her statement on the 2022 Economic Performance of Davao

DOE: Ilijan power plant on track to operate by May 26

An official from the Department of Energy (DOE) has said the 1,200-megawatt (MW) Ilijan power plant is on track to operate this month to augment the supply amid increasing demand for electricity during the dry season.

“We are happy that the Ilijan plant’s progress is on time and we expect that by May 26, it will operate and will contribute power to the grid,” DOE Undersecretary Rowena Guevara said in an interview during the Laging Handa public briefing on Thursday.

Guevara said once the Ilijan power plant will go online, the Luzon grid may avoid the possi-

FPEZA, P10 FDOE, P10 ank of the Philippine Islands (BPI) has revised upward its growth projection for the Philippine economy this year to 6.3 percent from 5 to 6 percent previously, after noting the higher-than-expected expansion in the first quarter.

The gross domestic product (GDP) rose by 6.4 percent yearon-year in the first quarter this year, higher than the 6.2 percent average projection, with risks coming from the impact of elevated inflation rate and higher inter- est rates, among others.

In a report released on Thursday, BPI said the lower growth print in the first quarter of this year from 7.1 percent in the last quarter of 2022 and 8 percent last year, is expected because of base effects.

“Now that the GDP is above the pre-pandemic level, growth should revert to its potential level of around 6 percent,” it said.

“We have adjusted our full year GDP forecast to 6.3 percent given the latest print and also the improving outlook

For

BPI revises upward 2023 GDP forecast for PH B

inflation,” it added.

The rate of price increases decelerated for the third month in a row last April to 6.6 percent after hitting a 14-year high of 8.7 percent last January.

The average inflation as of last April stood at 7.9 percent, higher than the government’s 2 to 4 percent target band.

The report said that despite the high inflation rate, consumer spending remains robust, with a

Councilor MYRNA DALODO-ORTIZ