The sharp increase in commodity prices failed to spoil the Philippines' economic expansion in 2022, with last year's growth rate at 7.6% being its strongest since 1976, a government official said.

While the Philippines posted a strong finish due to Filipinos' revenge spending last year, it might fail to keep the momentum as economists see the trend waning with high inflation persisting in early 2023.

This year is going to be tougher on the global economy than the one we have left behind, the International Monetary Fund's (IMF) chief Kristalina Georgieva has warned.