12.1 percent a year ago, despite the impact of high global commodity prices caused by the Russia-Ukraine war and supply chain disruptions in China.
Economic growth averaged 7.8 percent in the first half, above the 2022 target range of 6.5 percent to 7.5 percent set by the government. Finance Secretary Benjamin Diokno said the growth target remained on track.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said higher long term and short-term interest rates locally and globally in the coming months would be a drag on economic growth as “higher borrowing costs/financing costs would also reduce the growth in new investments, expansion plans, and purchases of big-ticket items such as real estate/property, vehicles, capital equipment, among others.
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