First Quarter 2022 Philippine Economic Performance

The Gross Domestic Product (GDP) expanded by 8.3% in the first quarter of 2022 from a contraction of 3.8% in the same period in 2021, according to the Philippine Statistics Authority (PSA) (Figure 1). The real GDP (at constant 2018 prices) in the first quarter of 2022 valued at P4.62 trillion has already exceeded the pre-pandemic GDP level of P4.46 trillion in the same period in 2019. The recorded GDP rate is well within the government’s full year growth target of 7 to 9 percent.

Figure 1. GDP Growth Rates (In %), 2019 to 2022 Q1 (Constant 2018 Prices)

SOURCE: PSA

Net primary income (NPI), comprised mainly of remittances from overseas Filipinos, accelerated by 103.2% in the first quarter of 2022 from a decline of 75.9% in the same period in 2021 (Table 1). Likewise, Gross national income (GNI) recovered and grew by 10.7% in the first quarter of 2022 from a 10.5% contraction in the same period in 2021.

SOUCE: PSA

Reference: https://cpbrd.congress.gov.ph/2012-06-30-13-06-51/2012-06-30-13-36-50/1471-ff2022-34-first-quarter-2022-philippine-economic-performance