Philippines expects to hit growth target
The Philippines economy is expected to have grown by 6 per cent this year.
The Philippines.- The National Economic and Development Authority (NEDA) has expressed confidence in the Philippines recording 6 per cent economic growth this year. NEDA undersecretary Rosemarie Edillon cited robust third-quarter performance and positive indicators across various sectors.
The Philippine economy saw 5.9 per cent growth in GDP in Q3 and 5.5 per cent GDP for the first nine months of 2023. According to The Philippine News Agency, Edillon emphasised the Purchasing Manager’s Index (PMI) and October’s improved unemployment data as positive factors.
As for gaming, GCG Gaming Advisory Services has recently said that Philippine gross gaming revenue (GGR) for full-year 2023 could be between US$5bn and US$5.2bn. GGR in the third quarter was US$1.24bn.
Analysts said the figure represented “very little growth,” from the US$1.19bn in the third quarter of 2022 and that Manila’s GGR has been “well below 2023 expectations.” However, analysts remarked that the record GGR of US$1.26bn in the fourth quarter of 2019 is likely to be exceeded in the fourth quarter this year due to increased growth in the Korean visitation and the gradual return of Chinese visitors.
See also: PAGCOR posts total income of US$906m for first nine months of 2023
