TRADE and Industry Secretary Alfredo Pascual expressed belief that the Philippines will re-emerge as a new tiger economy in Asia.

This is due to the continued support from the government programs to boost economic activities.

Pascual made the statement at the business luncheon of Italian Chamber of Commerce in the Philippines, Inc. in Makati City.

This followed the release of data showing that gross domestic product (GDP) for 2023 grew by 5.6 percent.

“The Philippine economy grew by 5.6 percent in 2023, outpacing major economies in Asia, such as China (5.2 percent), Vietnam (5.0 percent), and Malaysia (3.8 percent) based on the latest available data,” he said.

“This firmly establishes our country as one of the best-performing economies in the Asia-Pacific Region,” the trade chief added.

Pascual also said that the country’s economy will be driven by private consumption, falling oil prices, robust public spending, greater investments, macroeconomic fundamentals, investment-grade credit ratings, structural reforms, and increased demand for Philippine exports.