Inside the Philippines: February 2023

Macro Movements: Forecast-beating economic growth in 2022 and projections for 2023

The Philippines’ GDP growth accelerated to 7.6% in 2022, the fastest growth in over four decades

Philippine 2023 GDP growth forecasted among the top range of Southeast Asian economies

Industry Insight: Strong office space demand and outsourcing industry growth

Office space net take-up is expected to double in 2023 from the 2022 level

Outsourcing industry to see robust growth in local jobs and revenue generation

Deal Spotlight: Philippine rum and grocery investments, and logistics startup and VC capital raising

Diageo to buy Don Papa Rum, a super-premium, dark rum from the Philippines

Creador and Navegar invest USD 55 million in DALI Stores, a chain of discount grocery stores in the Philippines

Locad raises USD 11 million in Series A funding and Foxmont Capital secures USD 21.3 million for its second fund

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