• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Philippine economy to grow 6.5pct in 2022: IMF

Sep 27, 2022 Newsdesk Latest News, Philippines, Top of the deck  


Philippine economy to grow 6.5pct in 2022: IMF

The International Monetary Fund (IMF) has cut its estimate for 2022 economic growth in the Philippines, due to “global economic slowdown and tightening financial conditions”, said the organisation in a Monday release.

The IMF now estimates Philippine real gross domestic product (GDP) will have expanded by 6.5 percent during 2022, versus its 6.7-percent estimate announced in July. The organisation is maintaining its view that real GDP expansion will moderate to 5.0 percent in 2023.

According to locally-generated data, the country’s casino sector saw sequential improvement in gross gaming revenue (GGR) performance in the second quarter of this year, which coincided with an easing of several Covid-19 related restrictions. A number of investment analysts indicated robust domestic demand for gaming services had been a factor.

The Philippine casino sector produced GGR of PHP45.89 billion (US$824.2 million) in the three months to June 30, up by 40.1 percent from the previous quarter. The tally rose by 144.2 percent in year-on-year terms, according to information disclosed by the country’s gaming regulator.

In its update on general economic conditions in the country, the IMF noted that – following a sharp contraction in the national economy in 2020 amid disruption linked to the Covid-19 pandemic – the Philippines saw an economic rebound from late 2021, with acceleration in the first half of this year, supported by “strong domestic demand and private investment”.

“IMF staff project real GDP to grow by 6.5 percent in 2022 but to slow to 5.0 percent in 2023 as the confluence of global shocks weigh on the economy in the coming months,” said the IMF’s mission head Cheng Hoon Lim, in prepared remarks included in the Monday release.

Local economic risks “include a surge in Covid‑19 cases from more severe variants, a more abrupt or larger-than-expected tightening of global financial conditions, a deepening of the global slowdown, persistently high domestic inflation, and natural disasters,” said the IMF’s Ms Lim.

“On the upside, an end to Russia’s war in Ukraine and taming of inflation both domestically and globally could lay the foundations for stronger growth than currently envisaged,” the IMF mission head remarked.


  • tweet
Related articles
  • LET Group narrows year loss, Manila site open end 2024
    LET Group narrows year loss, Manila...

    Mar 31, 2023  

  • Jeju Shinhwa op narrows loss, gets extension from Pagcor
    Jeju Shinhwa op narrows loss, gets...

    Mar 31, 2023  

More news
  • Ponte 16 narrows 2022 EBITDA loss, revenue down 24pct
    Ponte 16 narrows 2022 EBITDA loss,...

    Mar 30, 2023  

  • Vietnam 1Q foreigner arrivals a third of entire 2023 target
    Vietnam 1Q foreigner arrivals a third...

    Mar 30, 2023  


Latest News

LET Group narrows year loss, Manila site open end 2024

LET Group narrows year loss, Manila site open end 2024

Mar 31, 2023  

Hong Kong-listed LET Group Holdings Ltd, an investor in a number of Asia-Pacific region casino projects, reported in Thursday filing an annual loss attributable to shareholders of just under...
Read More
Jeju Shinhwa op narrows loss, gets extension from Pagcor

Jeju Shinhwa op narrows loss, gets extension from Pagcor

Mar 31, 2023  

Ponte 16 narrows 2022 EBITDA loss, revenue down 24pct

Ponte 16 narrows 2022 EBITDA loss, revenue down 24pct

Mar 30, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


US$4.5 billion

Pagcor's estimates for industry-wide gross gaming revenue in 2023



Most Popular

  • Sands China ups ties to China showbiz giant Star CMSands China ups ties to China showbiz giant Star CM March 29, 2023
  • Suntrust confirms casino hotel 2024 opening on trackSuntrust confirms casino hotel 2024 opening on track March 29, 2023
  • Japan govt delays IR decision due to local elections: reportJapan govt delays IR decision due to local elections: report March 30, 2023
  • GEN Singapore boss flags uneven recovery pace in 2023GEN Singapore boss flags uneven recovery pace in 2023 March 28, 2023
  • Macau got 16k mainland package tourists in Feb reopeningMacau got 16k mainland package tourists in Feb reopening March 29, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us