Macro Overview

The Philippines’ rebound after the pandemic is promising. It still remains to be the fastest growing economy in Southeast Asia with its GDP still remaining at its highest since 1976. GDP growth is attributed mostly by trade, manufacturing, and construction industries.

The sustained growth was brought about by the expansion in the services and industry sector, commitments from foreign and local investments, resulting in a positive labor conditions which resulted in an employment rate of 96% from 92.2% in the previous year.

Overseas Remittances

The growth in remittances during January to November was driven mainly by inflows from the United States, Saudi Arabia, Singapore, and Qatar. Personal remittances to the Philippines sent by Filipinos abroad grew by 5.8% to $2.93 billion in November 2022 from $2.77 billion in the same month of 2021.

The depreciation of the Philippine Peso against the greenback benefitted the residential market, as it made the market more affordable to families receiving dollar remittances.

3 Reform Acts to Watch Out for this 2023:

Foreign Investment Act

Public Service Act

Retail Trade Liberalization Act

Household Spending

Household Final Consumption Expenditure (HFCE) increased by 6.0% on a year-on-year basis, despite looming inflation rate, basic goods and utilities such as; Food, Housing, and electricity, recorded a 4% year-on-year growth respectively. Consumption of food and non-alcoholic beverages grew by 4% which covers 43% of the total household spending.

Real Estate Price Index

Residential real estate prices have grown positively as observed with the total numbers of loans based on bank’s data on actual mortgage loans granted to acquire new housing units only.


The current administration aims to continue the Build, Build, Build program by implementing its infrastructure program entitled: Build, Better, More. The BBM infrastructure program would include: Traffic Decongestion program, Integrated ad Seamless Transport System, Livable, Sustainable and Resilient Communities, and Convergence and Rural Road Development program.