Despite current domestic and international headwinds, the country's economic performance, or gross domestic product (GDP), increased by 7.6 percent during the third quarter of the year.
This indicates that the Philippines is well on its way to meeting the growth assumption of 6.5 to 7.5 percent that the Development Budget Coordination Committee set for 2022.
During the first three quarters of 2022, Philippines' economy expanded at a rate that was better compared to both Indonesia and Singapore.
Despite the rise in international and domestic commodity prices, every major production sector showed positive growth, which suggests that expansion is occurring across a wide swath of the economy.
The growth in the services sector, which leads the pack at 9.1 percent, was driven by commercial and financial activities, including insurance.
On November 9 of this year, the Philippine Statistics Authority revised the preliminary estimate of the country's gross domestic product growth rate for the second quarter to 7.5 percent from 7.4 percent.