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The Philippine economic expansion will hit a new high in 2023 due to strong household spending and improved food and beverage services, providing more opportunities for U.S. agricultural products.
The USDA expects the Philippines to become the eighth largest export market for U.S. agricultural and related products in 2023, with a record $3.56 billion likely to be surpassed.
The Philippines’ GDP is expected to grow by 6% in 2023, reaching upper-middle-income levels by 2025.
Food and beverage manufacturing is expected to grow by 7 by 2024 to $%，达到613亿美元，食品服务销售额预计将增长10%14.04 billion, both exceeding pre-pandemic levels.
(Source: inquirer Image source: freepik)
