The Philippine economy’s 8.3-percent growth in the first quarter, which followed the 5.7-percent expansion in 2021, already surpassed the pre-pandemic GDP level and exceeded the median analysts’ forecast of 6.7 percent. We expect our full-year growth to range from 7.0 to 8.0 percent this year and 6.0 to 7.0 percent in 2023 to 2025. Growth in the first quarter was broad-based.
This task is not to be underestimated as financial stability is a more complex concept than price stability. And today we still know little about the effectiveness of macro prudential instruments. In evaluating the effect of these new instruments, we are often only able to conduct cross-country analyses that stretch over comparatively short periods of time.